HomeMy WebLinkAboutCity Council Resolution 2003-013CITY OF PLYMOUTH
RESOLUTION NO. 2003-013
REDUCING REQUIRED FINANCIAL GUARANTEE
CORNERSTONE COMMONS ADDITION (98094)
WHEREAS, in accordance with the development contract dated November 30, 1998, Elim Care Foundation
and Rottland Company Inc., developers of Cornerstone Commons Addition (98094), have 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:
That the required financial guarantee for the above items be reduced as detailed above from $388,508 to
$316,701 reflect the completed work. Subdivision Bond Numbers 137194 and 136007 may be reduced
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Construction
$ 320,564
$ 64,113
$ -0-
Sanitary Sewer
152,461
-0-
-0-
Watermain
119,017
-0-
-0-
Storm Sewer
226,813
-0-
-0-
Boulevard and Drainage Swale Sod
10,400
5,200
5,200
Wetland Enhancement
244,437
48,887
48,887
Mitigation Pond Construction
96,917
96,917
96,917
Weir Structure at Highway #55
25,000
25,000
25,000
NURP Pond Construction
44,682
6,765
6,765
Street Signs (3 x 200)
600
-0-
-0-
Site Grading and Drainage Improvements
673,712
100,000
100,000
Park and Trail Improvements
-0-
-0-
-0-
Setting Iron Monuments
3,250
-0-
-0-
Design, Administration, Inspection, As-Builts
230,142
41,626
33,932
TOTAL
$ 2,147,995
$ 388,508
$ 316,701
That the required financial guarantee for the above items be reduced as detailed above from $388,508 to
$316,701 reflect the completed work. Subdivision Bond Numbers 137194 and 136007 may be reduced
RESOLUTION NO. 2003-013
CORNERSTONE COMMONS ADDITION (98094)
Page Two
from $221,450 ($147,633 x 150%) and $361,312 ($240,875 x 150%) to $180,519 ($120,346 x 150%) and
$299,533 ($196,355 x 150%) respectively.
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:
Letters of Credit Nos. 1332 and 504:
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ 1,000 $ 1,000 $ 1,000
$ 95,000 $ 30,000 $ 30,000
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash and a
separate financial guarantee remain at $30,000. Letters of Credit Nos. 1332 and 504 will remain at $11,400
and $18,600 respectively.
FURTHER BE IT RESOLVED that the street construction is accepted for continuous maintenance as of
January 7, 2003 subject to the one-year guarantee by the Developer per Maintenance Bond No. MNC 4322
issued by Merchants Bonding Company.
Adopted by the City Council on January 7, 2003.