HomeMy WebLinkAboutCity Council Resolution 2003-059CITY OF PLYMOUTH
RESOLUTION NO. 2003-059
REDUCING REQUIRED FINANCIAL GUARANTEE
PIKE LAKE WOODS 3p' ADDITION (98170)
WHEREAS, in accordance with the development contract dated November 5, 1998, Pike Lake Woods 2nd
Addition, Inc., developer of Pike Lake Woods 3rd Addition (98170), 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:
That the required financial guarantee for the above items be reduced as detailed above from $55,358 to
$14,784 to reflect the completed work. Letter of Credit No. 712981506-E (which replaced Letter of Credit
No. 30692-E) may be reduced accordingly.
RESOLUTION NO. 2003-059
PIKE LAKE WOODS 3" ADDITION (98170)
Page Two
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Construction
$ 181,137
$ 36,227
$ -0-
Sanitary Sewer
85,905
-0-
-0-
Watermain
63,094
-0-
-0-
Storm Sewer
58,623
-0-
-0-
Boulevard and Drainage Swale Sod
6,000
2,800
2,800
Mitigation Pond Construction
-0-
-0-
-0-
NURP Pond Construction
59,077
1,000
1,000
Street Signs (2 x 200)
400
400
400
Site Grading and Drainage Improvements
236,304
9,000
9,000
Park and Trail Improvements
-0-
-0-
-0-
Setting Iron Monuments
1,600
-0-
-0-
Design, Administration, Inspection, As-Builts
83,057
5,931
1,584
TOTAL
$ 775,197
$ 55,358
$ 14,784
That the required financial guarantee for the above items be reduced as detailed above from $55,358 to
$14,784 to reflect the completed work. Letter of Credit No. 712981506-E (which replaced Letter of Credit
No. 30692-E) may be reduced accordingly.
RESOLUTION NO. 2003-059
PIKE LAKE WOODS 3" ADDITION (98170)
Page Two
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
Cash:
Letter of Credit No. 712981505-1):
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ 1,000 $ 1,000 $ 1,000
$ 11,000 $ 11,000 $ 11,000
FURTHER BE IT RESOLVED that the street construction is accepted for continual maintenance as of
January 28, 2003 subject to the one year guarantee by the Developer per Maintenance Bond No. 190457949-
B issued by Western Surety Company.
Adopted by the City Council on January 28, 2003.