HomeMy WebLinkAboutCity Council Resolution 1997-733•
RESOLUTION NO. 97 - 733
REDUCING REQUIRED FINANCIAL GUARANTEE
TYLERS UPLAND ADDITION (96035)
WHEREAS, in accordance with the development contract dated June 27, 1996, Bohland Development, Inc.,
developer of Tylers Upland Addition (96035), hes agreed to install certain improvements for said
development; and
WHEREAS, the developer has completed a portion of the street, utility and site grading as noted below; and
WHEREAS, the developer has requested a reduction of the required financial guarantee to reflect the
completed work,
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA; that the financial guarantee requirements are reduced as follows:
That the required financial guarantee for the above items be reduced as detailed above from $9,968 to $0
(aero) to reflect the completed work. Letter of Credit No. 1169 may be reduced accordingly and will be
released by the Finance Department.
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ORIGINAL
NEW
AM4lidT
AMOUNT
Street Construction
$ 42,000
S -0 -
Sanitary Sewer
19,500
-0-
Watermain
17,000
-0-
Storm Sewer
53,000
-0-
Boulevard and Drainage Swale Sod
3,000
•0 -
Mitigation Pond Construction►
-01
.0-
NURP Pond Construction
129100
-0-
Street Signs (0 x 200)
-0-
.0-
"Ite Grading and Drainage Improvements
51,000
-0-
Park and Trail Improvements
V00
-0-
Setting Iron Monuments
2,000
-)-
Design, Administration, Inspection, As-Builts
24.348
-Q--
-TOTAL
TOTAL
S 327,248
$41 -
That the required financial guarantee for the above items be reduced as detailed above from $9,968 to $0
(aero) to reflect the completed work. Letter of Credit No. 1169 may be reduced accordingly and will be
released by the Finance Department.
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ESOLUTION NO. 97-733
WLERS UPLAND ADDITION (96035)
Page Two
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items per Section
8.1 of the approved development contract be reduced as follows:
rr u
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 1170::
r1, i
CIO Loilia-
$1,000 $-()-
$5,250
-0-
$5,250 S -0 -
FURTHER BE IT RESOLVED that the financial guarantee for the above items be reduced from $1,000 cash
to $0 (zero) with Letter of Credit No. 1170 having been previously reduced to $0 (zero). The financial
guarantee may be reduced accordingly and will be released by the Finance Department.
,•tJRTHER BE IT RESOLVED that the street construction is accepted for continual maintenance as of
December 3, 1997 subject to the two year guarantee by the Developer per Maintenance Bond No. 158 791
024.
Adopted by the City Council on December 3, 1997.
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