HomeMy WebLinkAboutCity Council Resolution 2004-328CITY OF PLYMOUTH
RESOLUTION NO. 2004-328
FINAL RELEASE OF FINANCIAL GUARANTEE
WELLSWOOD COURT (2001076)
WHEREAS, in accordance with the development contract dated October 4, 2001, JANCO, Inc.,
developer of Wellswood Court (2001076), has agreed to install certain improvements for said
development; and
WHEREAS, the developer has completed the street, utility and site grading as noted below; and
WHEREAS, the developer has requested final release 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:
That the required financial guarantee for the above items be reduced as detailed above from $14,336 to
$-0- (zero) to reflect the completed work. Subdivision Bond No. B21846809 may be reduced from
$21,504 ($14,336 x 150%) to $-0- (zero) and released by the Finance Department.
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Constriction
$ 59,139
$ -0-
-0-
Sanitary Sewer
19,747
-0-
-0-
Watermain
22,818
-0-
-0-
Storm Sewer
43,858
-0-
-0-
Boulevard and Drainage Swale Sod
1,800
1,800
-0-
Mitigation Pond Constriction
-0-
-0-
-0-
N[_JRP Pond Constriction
5,000
-0-
-0-
Street Signs (1 x 200)
200
-0-
-0-
Park and Trail Improvements
-0-
-0-
-0-
Site Grading and Drainage Improvements
110,000
11,000
-0-
Setting Iron Monuments
700
-0-
-0-
Design, Administration, Inspection, As-Builts
31,591
1,536
-0-
TOTAL
$ 294,853
$14,336
$-0-
That the required financial guarantee for the above items be reduced as detailed above from $14,336 to
$-0- (zero) to reflect the completed work. Subdivision Bond No. B21846809 may be reduced from
$21,504 ($14,336 x 150%) to $-0- (zero) and released by the Finance Department.
WELLSWOOD COURT (2001076)
Page 2
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:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 101801:
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ 1,000 $ 1,000 $-0-
$4,400 $ 2,200 $-0-
That the required financial guarantee for the above items be reduced as detailed above from $3,200 and
to $-0- (zero) to reflect the completed work. Letter of Credit No. 101801 may be reduced from $2,200
to $-0- (zero) and released by the Finance Department. The $1,000 cash financial guarantee may be
released by the Finance Department.
Adopted by the City Council on August 10, 2004.