HomeMy WebLinkAboutCity Council Resolution 1997-754•
RESOLUTION NO. 97 - 754
REDUCING REQUIRED FINANCIAL GUARANTEE
PLUM TREE ADDITION (94162)
WHEREAS, in accordance with the development contract dated April 18, 1996, Lundgren Brothers
Construction, Inc., developer of Plum Tree Addition (94162), 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 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:
Street construction
$157,000
$-0-
Sanitary Sewer
130,000
-0-
Watetmain
1199000
-0-
Storm Sewer
63,000
-0-
Boulevard and Drainage Swale Sod
7,GDO
40000
Mitigation Pond Construction
41000
41000
NURP Pond Construction
7,000
-0-
Street Signs (3 x 200)
600
Site Grading and Dndnage Improvements
160,000
-0-
Park and Trail Improvements
29,212
-0-
Setting Iron Monuments
3,000
-0-
Design, Administration, Inspection, As-Bullts
91.644
.264
TOTAL,
$ 762,061
$ 8,960
That the required financial guarantee for the above items be reduced as detailed above from $94,575 to
$8,960 to reflect the completed work. Letter of Credit No. 15794 may be reduced accordingly.
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- ESOLUTION NO. 97-754
AUM TREE ADDITION (94162)
Pap 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:
FY 7
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 15792:
I, i
Y NI �� 1►
$1,000 $1,000
$ 29,750 $ 7,450
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash
with the required financial guarantee being reduced from $29,750 to $7,450. Letter of Credit No. 15792
may be reduced accordingly.
. JRTHER BE IT RESOLVED that the street construction is accepted for continual maintenance as of
December 17, 1997 subject to the one year guarantee by the Developer per Maintenance Bond No.
2622323.
Adopted by the City Council on December 17, 1997.
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