HomeMy WebLinkAboutCity Council Resolution 2014-374CITY OF PLYMOUTH
RESOLUTION No. 2014-374
A RESOLUTION ACCEPTING STREETS AND UTILITIES FOR CONTINUAL MAINTENANCE
FOR CROSSROADS COMMONS ADDITION (201 1014)
WHEREAS, in accordance with the development contract dated July 3, 2012, TKJ 198, LLC,
developer of Crossroads Commons Addition (2011014), 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 Construction
$320,215
$280,215
$ 80,054
Sanitary Sewer
15,110
12,110
3,778
Watermain
105,843
42,843
26,461
Storm Sewer System
71,940
64,740
17,985
Storm Tech System
116,590
116,590
29,148
Boulevard/Drainage swale sod
10,000
10,000
5,000
Traffic Control Signal System
200,000
80,000
50,000
Filtration Basin
20,000
20,000
10,000
Street & Traffic Control Signs
10,000
10,000
2,500
Sidewalk Improvements
34,624
34,624
8,656
Trail Improvements
35,321
33,521
8,830
Retaining walls
75,124
75,124
75,124
Driveway for 11009 Hwy. 55
10,000
10,000
2,500
Street Lighting
20,000
20,000
5,000
Erosion Control
10,950
10,950
2,738
Site Grading and Drainage
Improvements
191,936
101,936
47,984
Setting Iron Monuments
4,000
4,000
0
Wetland Mitigation/Restoration
13,630
13,630
13,630
Design, Administration, Inspection, As-
Builts(12%)
Tota 1:
LOC in the amount of 50% equals:
151,832
$1,417,117
$708,559
112,832
$1,053,117
$526,559
75,917
$465,305
That the required financial guarantee and Letter of Credit No. 426 for the above items be reduced from
$526,559 to $465,305. Additionally, the financial guarantee (originally at $708,558) from tax increment
financing is now reduced to $0.
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items per
Section 8.1 of the approved Development Contract remain as follows:
ORIGINAL CURRENT
ITEM AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash: $ 2,000 $ 2,000
FURTHER BE IT RESOLVED that the streets and utilities are accepted for continuous maintenance
as of December 9, 2014, subject to the two-year guarantee for utilities and one year warranty for streets
by the Developer per Letter of Credit No. 426.
ADOPTED this 9th day of December, 2014.