HomeMy WebLinkAboutCity Council Resolution 1997-7527
RESOLUTION NO, 97 - 752
REDUCING REQUIRED FINANCIAL GUARANTEE
NANTERRE AUDITION (94093)
WHEREAS, in accordance with the development contract dated October 13, 1995. Weston Corporation,
developer of Nanterre Addition (94093), has agreed to install certain improvements for said development:
and
WHEREAS, the developer has completed a portion of the street, utility and site puling as nosed below;
and
WHEREAS, the developer bas 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 rhe financial guarantee requirements are reduced as follows:
Street Construction (exchrding State
Ad Proj.)
$132,703
$ -0-
Sanitary Sewer
200,629
4)-
Watermain
140,876
-0-
Storm Sewer
76,230
-0-
Boulevard and Drainage Swale Sod
9,000
4,500
Mitigation Pond Construction
-0-
4)-
NURP Pond Construction
20,000
5,000
SOW Signs (6 x 200)
1,200
1,200
Site (trading and Drainage Improvements
(excluding State Aid Proj.)
384,250
76,850
Park and Trail Improvements
-0-
(excluding Soft Aid Proj.)
10,179
Setting Iron Monuments
3,600
3,600
Design, Administration, Insp=don, As-Builts
117,440
10,938
I*, .land ititigation and Performance
Monitoring
LIM
13.400
TOTAL-
$1,109,507
$115,488
-"%at the required financial guarantee for the above items be reduced as detailed above from $223,853 to
„A 15,488 to reflect the completed work. Letter of Credit No. 15297 may be reduced accordingly.
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LSOLTMON NO, 97-732
mANTMU ADDITION MM)
par Two
FURTHER BE IT RESOLVED tot the fimncial guarantee ngnirements for the following hems Per
Sectim 8.1 of the approved development contract be mbx:ed as follows:
F r +„
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 1611:
$1.000 $1.000
$95.000 $71.230
FURTHER BE IT RESOLVED tot the financial Puarantee for the above item remain at $100 crib
with the required financial guarantee being reduced from $83.125 to $71.250. The finamaial guarantee
may be reduced aecondingly. Since Letter of Credit No. 1611 includes $5.000 for tree preservation it
' ouM have a total amount of $76.250.
FURTHER BE IT RESOLVED that the storm sewer. and street comwxdon is accepted for continual
mal name as of Doaember 17, 1997 subject to the two yryr guarantee by the Developer Per
Maintenance Bond No. 137 879300 issued by the National Fire insurance CompmW of Hartford.
Adopted by the City Council on December 17, 1997.
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