HomeMy WebLinkAboutCity Council Resolution 2004-377CITY OF PLYMOUTH
RESOLUTION NO. 2004-377
FINAL RELEASE OF FINANCIAL GUARANTEE
THE VILLAGE AT BASSETT CREEK (97080)
WHEREAS, in accordance with the development contract dated September 3, 1998, The
Rottlund Company, Inc., developer of The Village At Bassett Creek (97080), 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 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
remain as follows:
ITEM
Street Constriction
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Mitigation Pond Constriction
N [_]RP Pond Constriction
Street Signs (3 x 200)
Site Grading and Drainage Improvements
Park and Trail Improvements
Setting Iron Monuments
Design, Administration, Inspection, As-Builts
TOTAL
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ 92,278
$ -0-
$-0-
25,229
-0-
-0-
27,597
-0-
-0-
33,845
-0-
-0-
5,400
-0-
-0-
117,906
117,906
-0-
48,776
-0-
-0-
600
-0-
-0-
1,754,318
-0-
-0-
8,262
-0-
-0-
1,500
-0-
-0-
253,885
14,149
-0-
$2,369,596 $ 132,055 $-0-
That the required financial guarantee for the above items, in this case a bond, be reduced
from $198,083 ($132,055 x 150%) to $0 (zero). Bond No. 126488 may be released by
the Finance Department.
RESOLUTION NO. 2004-377
THE VILLAGE AT BASSETT CREEK (97080)
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:
ORIGINAL CURRENT
ITEM AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash: $ 1,000 $ -0-
Letter of Credit No. 475: $ 17,500 $ -0-
Adopted by the City Council on September 13, 2004.