HomeMy WebLinkAboutCity Council Resolution 2003-014CITY OF PLYMOUTH
RESOLUTION NO. 2003-014
REDUCING REQUIRED FINANCIAL GUARANTEE
GEM COURT (99017)
WHEREAS, in accordance with the development contract dated July 27, 1999, Joseph and Sonia and
Kruchten and Mark and Isabella Stipankov, developers of Gem Court (99017), 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:
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Construction
$ 21,680
$ 4,336*
$ -0-*
Sanitary Sewer
16,495
3,299*
-0-*
Watermain
16,091
3,218*
-0-*
Storm Sewer
19,444
3,889*
-0-*
Boulevard and Drainage Swale Sod
1,200
-0-
-0-
Driveway Closing - Co. Rd. 101
1,100
-0-
-0-
Construction of New Driveway for Lot 6
500
-0-
-0-
NURP Pond Construction
3,500
-0-
-0-
Street Signs (200)
200
-0-
-0-
Site Grading and Drainage Improvements
8,090
-0-
-0-
Park and Trail Improvements
-0-
-0-
-0-
Setting Iron Monuments
1,000
-0-
-0-
Design, Administration, Inspection, As-
10,716
-0-
-0-
Builts
TOTAL
$ 100,016
$ 14,742
$ -0-
RESOLUTION NO. 2003-014
GEM COURT (99017)
Page Two
That the required financial guarantee for the above items be reduced as detailed above from $14,742 to $0
(zero) to reflect the completed work. The required financial guarantee, in this case cash, may be reduced
accordingly and will be released by the Finance Department.
* The Developer has requested that the cash deposit in the amount of $14,742 be used in lieu of the required
maintenance bond.
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items per Section
8.1 of the approved development contract be remain as follows:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Financial Guarantee (Cash):
Adopted by the City Council on January 7, 2003.
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ 1,000 $ -0- $-0-
$2,600
-0-
$2,600 $ -0- $ -0-