HomeMy WebLinkAboutCity Council Resolution 2003-061CITY OF PLYMOUTH
RESOLUTION NO. 2003-061
REDUCING REQUIRED FINANCIAL GUARANTEE
GRAVIERE 2ND ADDITION (2001010)
WHEREAS, in accordance with the development contract dated September 24, 2001, Dave Reimer
Construction, Inc., developer of Graviere 2nd Addition (2001010), 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 $363,550 to
$79,167 to reflect the completed work. The Financial Guarantee may be reduced accordingly.
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Construction
$ 39,720
$ 39,720
$ 7,944
Sanitary Sewer
26,230
26,230
5,246
Watermain
33,582
33,582
6,716
Storm Sewer
50,943
50,943
10,189
Boulevard and Drainage Swale Sod
2,400
2,400
2,400
Pond Construction
-0-
-0-
-0-
Rain Gardens
6,000
6,000
6,000
NURP Pond Construction
5,400
5,400
5,400
Street Signs (1 x 200)
200
200
200
Park and Trail Improvements
-0-
-0-
-0-
Site Grading and Drainage Improvements
127,948
127,948
25,590
Setting Iron Monuments
1,000
1,000
1,000
Design, Administration, Inspection, As-Builts
560,501
336,672
8,482
TOTAL
$ 363,550
$363,550
79,167
That the required financial guarantee for the above items be reduced as detailed above from $363,550 to
$79,167 to reflect the completed work. The Financial Guarantee may be reduced accordingly.
RESOLUTION NO. 2003-061
GRAVIERE 2ND ADDITION (2001010)
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:
ORIGINAL CURRENT NEW
ITEM AMOUNT AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash: $ 1,000 $ 1,000 $ 1,000
Cash in lieu of Letter of Credit: $ 2,900 $ 2,900 $ 2,900
Adopted by the City Council on January 28, 2003.