HomeMy WebLinkAboutCity Council Resolution 2004-375CITY OF PLYMOUTH
RESOLUTION NO. 2004-375
FINAL RELEASE OF FINANCIAL GUARANTEE
FORSTER PRESERVE PLAT 4 (99093)
WHEREAS, in accordance with the development contract dated January 19, 2000, JANCO, Inc., developer
of Forster Preserve Plat 4 (99093), 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 a 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 $29,044 to $-0-
(zero) to reflect the completed work. Subdivision Bond No. 154951 may be reduced from $43,566 ($29,044
x 150%) to $0 (zero).
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Constriction
$ 55,994
$ -0-
$-0-
Sanitary Sewer
30,787
-0-
-0-
Watermain
20,982
-0-
-0-
Storm Sewer
21,894
-0-
-0-
Boulevard and Drainage Swale Sod
3,000
3,000
-0-
Mitigation Pond Constriction
-0-
-0-
-0-
N[_]RP Pond Constriction
9,200
9,200
-0-
Street Signs (1 x 200)
200
200
-0-
Park and Trail Improvements
-0-
-0-
-0-
Site Grading and Drainage Improvements
60,160
12,032
-0-
Setting Iron Monuments
1,500
1,500
-0-
Design, Administration, Inspection, As-Builts
24,206
3,112
-0-
TOTAL
$ 225,923
$ 29,044
$-0-
That the required financial guarantee for the above items be reduced as detailed above from $29,044 to $-0-
(zero) to reflect the completed work. Subdivision Bond No. 154951 may be reduced from $43,566 ($29,044
x 150%) to $0 (zero).
RESOLUTION NO. 2004-375
FORSTER PRESERVE PLAT 4 (99093)
Page 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:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash
Letter of Credit No. 121599
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ 1,000 $ 1,000 $-0-
$ 11,000 $ 11,000 $-0-
FURTHER BE IT RESOLVED that the required financial guarantee for the above items be reduced
as detailed from $1,000 to $-0- (zero) and $11,000 Letter of Credit reduced to $-0- (zero). Letter of
Credit No. 121599 and $1,000 cash may be released by the Finance Department.
Adopted by the City Council on September 13, 2004.