HomeMy WebLinkAboutCity Council Resolution 1997-758•
RESOLUTION NO, 97 - 758
REDUCING REQUIRED FINANCIAL GUARANTEE
PLUM TREE 2ND ADDITION (96103)
WHEREAS, in accordance with the development contract dated August 22, 1996, Lundgren Brothers
Comftwdon, Inc., developer of Pham Tree V Addition (96103), 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 1 HE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA; that the financial guarantee requirements are reduced as follows:
Street Construction
$ 60,720
$-0-
San;tat-y Sewer
20,100
-0-
Watetmain
399980
-0-
Storm, Sewer
41,170
-0-
Boulevard and Drainage Swale Sod
3,800
1,600
Mitigation Pond Construction
3,000
3,000
NURP Pond Construction
71000
-0-
Street Signs (1 x 200)
200
-0-
Site Grading ani Drainage Improvements
223,000
11,150
Park and Trail Improvements
81350
-0-
Setting Iron Monumma
19520
-0-
Design, Administration, Inspection, As-Builts
49.061
-LAW
TOTAL,
$4759901
$17,640
That the required financial guarantee for the above items be reduced as detailed above from $84,016 to
$17.640 to refler:.he completed work. Letter of Credit No. 16241 may be reduced accordingly.
N.V."0WrYW w V-739 ke
0
C]
"WOLUTION NO. 97-758
rLUM TREE 2" ADDITION (96103)
Pop Two
FURTiH13it BE IT RESOLVED that the financial guarantee requites for the following am per
Section 8.1 of the approved development contract be reduced as follows:
Maintenance of Erosion and Sediment
Control Plan, Stmt Sweepimg, and Storm
Sewer Cleaning (includes Plum Tree 3d Add.)
Cash.
Letter of Credit No. 15797:
i
6 WO v loll
$1,000 $1,000
$35,000 $179500
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1.000 crib
with the required financial guarantee being reduced from $35,000 to $17,500. Ittw of Credit No. 15797
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.
2737626.
Adopted by La city Council on December 17, 1997.
N.WMtWWuIW D2MffwWCWN0L%Rgd i=%FM MWMPCC b 11a31,dX
•