HomeMy WebLinkAboutCity Council Resolution 1997-755•
RESOLUTION NO. 97 - 755
REDUCING REQUIRED MANCIAL GUARANTEE
PLYMOUTH PONDS BUSINESS PARK ADDITION (95005)
WHEREAS, in accordance with the development contract dated Junt 20. 1995, Plymouth Ponds Limited
Liability Company, developer of Plymouth Ponds Business Park Addition (95005), has agreed to install
certain improvements for said development; ar9
WHEREAS, the developer has completed a portion of the street, utility and site grading as noted below;
and
W MEAS, the developer has requested a reduction of the requited 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
$37,775
$7,555*
Co. Rd. 24 Rtght In/Right Out
21,000
4,200•
Sanitary Sewer
51,717
109343"
Watermain
33,620
6,724•
Storm Sewer
9,644
1.9290
Boulevard and Drainage Swale Sod
900
900
Drainage Pond Construction
7,975
-0-
Mitigation Pond Construction
8.500
8,500
Sediment Pond Construction
-0-
-0-
Street Signs (1 x 200)
200
-0-
Site Grading and Drainage Irrprovements
34,290
.0.
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
550
-0-
Design, Administration, inspection, As-Builts
24.741
1-1 8
TOTAL
$230,912
$41,279
That the required financial guarantee for the above items be reduced as detailed above from $45,960 to
$41,279 to reflect the completed work. This amount includes the maintenance guarantee for sanitary
sewer, watermain, storm sewer, and street construction. Letter of Credit No. 1615 may be reduced
-cordingly.
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"ESOLUTION NO. 97-755
rLYMOUTH PONDS BUSINESS PARK ADDITION (95005)
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FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items per
Section 8.1 of the approved development contract remain as follows:
FV 0-5170
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit Nos. 1610 and 1623:
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$1,000 $1,000
$45,500 $11,375
• A potion oi Letter of Credit No. 1615 in the amount of $30,751 is to be kept in lieu of the required
maintenance gond per the developer's request.
Adopted by tlrs City Council on December 170 1997.
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