HomeMy WebLinkAboutCity Council Resolution 2003-076CITY OF PLYMOUTH
RESOLUTION NO. 2003-076
REDUCING REQUIRED FINANCIAL GUARANTEE
THE RESERVE (20092)
WHEREAS, in accordance with the development contract dated July 11, 2001, Rottlund Company, Inc.,
developer of The Reserve (20092), 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 $3,272,627
($2,181,751 x 150%) to $1,280,162 ($853,441 x 150%) to reflect the completed work. The Subdivision
Bond No. 929219076 may be reduced accordingly.
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Construction
$ 1,004,392
$ 584,547
$ 291,273
Sanitary Sewer
437,289
174,916
-0-
Watermain
484,539
193,816
-0-
Storm Sewer
748,676
299,470
-0-
Boulevard and Drainage Swale Sod
15,800
15,800
11,850
Mitigation Pond Construction
52,500
52,500
52,500
NURP Pond Construction
52,500
5,250
5,250
Rain Garden
16,400
16,400
16,400
Street Signs (8 x 200)
1,600
1,600
-0-
Site Grading and Drainage Improvements
1,790,642
537,193
358,128
Park and Trail Improvements
57,000
57,000
17,100
Setting Iron Monuments
9,500
9,500
9,500
Design, Administration, Inspection, As-Builts
560,501
233,759
91,440
TOTAL
$ 5,231,339
$2,181,751
$853,441
That the required financial guarantee for the above items be reduced as detailed above from $3,272,627
($2,181,751 x 150%) to $1,280,162 ($853,441 x 150%) to reflect the completed work. The Subdivision
Bond No. 929219076 may be reduced accordingly.
RESOLUTION NO. 2003-076
THE RESERVE (20092)
Page Two
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
Letter of Credit No. 577
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ 1,000 $ 1,000 $ 1,000
$ 156,500 $ 156,500 $ 100,000
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash with a
separate financial guarantee reduced from $156,500 to $100,000. Letter of Credit No. 577 may be reduced
accordingly.
FURTHER BE IT RESOLVED that the utility construction is accepted for continual maintenance as of
February 11, 2003 subject to the two year guarantee by the Developer per Maintenance Bond No. SN2255
issued by St. Paul Fire and Marine Insurance Company.
Adopted by the City Council on February 11, 2003.