HomeMy WebLinkAboutCity Council Resolution 2003-015CITY OF PLYMOUTH
RESOLUTION NO. 2003-015
REDUCING REQUIRED FINANCIAL GUARANTEE
HARVEST HILLS (2001023)
WHEREAS, in accordance with the development contract dated September 10, 2001 and revised on March
28, 2002, Town and Country Homes, developer of Harvest Hills (2001023), has agreed to install certain
improvements for said development; and
WHEREAS, the required financial guarantee in the Development Contract (#2001023) has been amended as
noted below; 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
$ 376,676
$ 75,335
$ 75,335
Schmidt Lake Road Street Construction
195,886
39,177
-0-
Sanitary Sewer
179,572
35,914
35,914
Watermain
114,780
22,956
22,956
Watermain - Schmidt Lake Road
36,470
-0-
-0-
Watermain - Holly Lane
59,809
11,962
-0-
Storm Sewer
283,505
56,701
56,701
Boulevard and Drainage Swale Sod
9,400
9,400
9,400
Rain Garden
5,000
5,000
5,000
NURP Pond Construction
73,770
14,754
14,754
Street Signs (2 x 200)
400
400
400
Concrete Sidewalk
35,249
35,249
35,249
Park and Trail Improvements
22,069
22,069
-0-
Site Grading and Drainage Improvements
287,969
57,594
57,594
Setting Iron Monuments
8,000
8,000
8,000
Design, Administration, Inspection, As-Builts
202,627
47,341
38,556
TOTAL
$ 1,891,182
$ 441,852
$ 359,859
RESOLUTION NO. 2003-015
HARVEST HILLS (2001023)
Page Two
That the required financial guarantee for the above items be reduced as detailed above from $662,778
($441,852 x 150%) to $539,789 ($359,859 x 150%) to reflect the completed work. Subdivision Bond No.
929219099 may be reduced accordingly.
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:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning (see Grading Permit for Financial
Guarantee Requirements)
Cash:
Financial Guarantee:
ORIGINAL NEW
AMOUNT AMOUNT
$ -0- $_0_
$
-0-
$ -0- $_0_
FURTHER
-0-
FURTHER BE IT RESOLVED that the Schmidt Lake Road street construction is accepted for continuous
maintenance as of January 7, 2003 subject to the two-year guarantee by the Developer per Maintenance Bond
No. 54-12332 issued by United Fire and Casualty Company.
FURTHER BE IT RESOLVED that the Holly Lane watermain construction is accepted for continuous
maintenance as of January 7, 2003 subject to the two-year guarantee by the Developer per Maintenance Bond
No. 54-12332 issued by United Fire and Casualty Company.
Adopted by the City Council on January 7, 2003.