HomeMy WebLinkAboutCity Council Resolution 1997-7350
RESOLUTION NO. 97 - 735
REDUCING REQUIRED FINANCIAL GUARANTEE
ORCHARDS OF PLYMOUTH 2ND ADDITION (96093)
WHEREAS, in accordance with the development contract dated August 8, 1996, Abingdon Development
Corporation, developer of Orchards of Plymouth V Addition (96093), has 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 guuvantee 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 $25,984 to
516,464 to reflect the completed work. Subdivision Bond No. 96974 originally provided in the amount of
$38,976(525,984 x 1 SO%) as the required financial guarantee may be reduced to $24,696 ($16,464 x 150%)
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ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
S 18,000
$ 3,600
Sanitary Sewer
7,000
-0-
Watermain
89500
-0-
Storm Sewer
10-
-0-
Boulevard and Drainage Swale Sod
11000
600
Mitigation Pond Construction
4)-
-0-
NURP Pond Construction
40-
-0-
Street Signs (0 x 200)
-0-
-0-
Site Grading and Drainage Improvements
33,000
10,000
Park and Trail Improvements
4-
.0 -
Setting Iron Monuments
S00
S00
Design, Administration, Inspection, As-Builts
LM
JAM
TOTAL
$ 77,056
S 16,464
That the required financial guarantee for the above items be reduced as detailed above from $25,984 to
516,464 to reflect the completed work. Subdivision Bond No. 96974 originally provided in the amount of
$38,976(525,984 x 1 SO%) as the required financial guarantee may be reduced to $24,696 ($16,464 x 150%)
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'ESOLUTION NO. 97-735
ORCHARDS OF PLYMOUTH 2ND ADDITION (96093)
Pale Two
FURTHER BE IT RESO ;VED that the financial guarantee mqukements for the following items per Section
8.1 of the approved development contract remain as follows:
Maintenance of Erosion and Sedim e.:
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 26765-E:
Adopted by the City Council on December 3. 1997.
S19000 $10000
$600 s 4.
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