HomeMy WebLinkAboutCity Council Resolution 2004-376CITY OF PLYMOUTH
RESOLUTION NO. 2004-376
FINAL RELEASE OF FINANCIAL GUARANTEE
FORSTER PRESERVE PLAT 5 (2001111)
WHEREAS, in accordance with the development contract dated January 19, 2000, JANCO, Inc.,
developer of Forster Preserve Plat 5 (2001111), 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:
ORIGINAL CURRENT NEW
ITEM AMOUNT AMOUNT AMOUNT
Street Constriction
$ 49,425
$ -0-
$ -0-
Sanitary Sewer
15,866
-0-
-0-
Watermain
18,261
-0-
-0-
Storm Sewer
-0-
-0-
-0-
Boulevard and Drainage Swale Sod
1,800
400
-0-
Mitigation Pond Constriction
-0-
-0-
-0-
N [_JRP Pond Constriction
-0-
-0-
-0-
Street Signs (1 x 200)
200
200
-0-
Park and Trail Improvements
-0-
-0-
-0-
Site Grading and Drainage Improvements
120,000
6,000
-0-
Setting Iron Monuments
2,000
-0-
-0-
Design, Administration, Inspection, As-Builts
24,906
792
-0-
TOTAL
$ 232,458
$ 7,392
$ -0-
That the required financial guarantee for the above items be reduced as detailed above from
$11,088 (7,392 x 150%) to $0 (zero) to reflect the completed work. Subdivision Bond No.
B21846867 may be released by the Finance Department.
RESOLUTION NO. 2004-376
FORSTER PRESERVE PLAT 5 (2001111)
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. 110101
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ 1,000 $ 1,000 $-0-
$4,100
-0-
$4,100 $ 4,100 $ -0-
FURTHER BE IT RESOLVED that Letter of Credit No. 110101 and the remainder of the $1,000
cash and for Maintenance of Erosion and Sediment Control be released by the Finance
Department.
Adopted by the City Council on September 13, 2004.