HomeMy WebLinkAboutCity Council Resolution 2003-077CITY OF PLYMOUTH
RESOLUTION NO. 2003-077
REDUCING REQUIRED FINANCIAL GUARANTEE
TIMBER CREEK CROSSING (2001114)
WHEREAS, in accordance with the development contract dated October 9, 2002, US Homes Corporation,
developer of Timber Creek Crossing (2001114), 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:
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Construction
$ 153,087
$ 153,087
$ 84,741
Mobilization
12,627
12,627
-0-
Schmidt Lake Road
115,514
115,514
42,851
Garland Lane/51st Avenue
110,265
110,265
30,627
Embankment Const. Schmidt Lake Road
404,140
404,140
152,630
Sanitary Sewer
107,729
107,729
21,546
Watermain
172,644
172,644
34,529
Storm Sewer
178,724
178,724
35,745
Boulevard and Drainage Swale Sod
5,000
5,000
5,000
Rain Garden
3,000
3,000
3,000
Mitigation Pond Construction
20,000
20,000
20,000
NURP Pond Construction
40,340
40,340
20,170
Permanent Traffic Control
5,865
5,865
5,865
Street Signs (4 x 200)
800
800
800
Park and Trail Improvements
13,057
13,057
13,057
Site Grading and Drainage Improvements
140,000
140,000
70,000
Setting Iron Monuments
7,500
7,500
7,500
Design, Administration, Inspection, As-
178,835
178,835
65,767
Builts
TOTAL
$ 1,669,127
$ 1,669,127
$ 613,828
RESOLUTION NO. 2003-077
TIMBER CREEK CROSSING (2001114)
Page Two
That the required financial guarantee for the above items be reduced as detailed above from $1,669,127 to
$613,828 to reflect the completed work. The Financial Guarantee 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:
ORIGINAL NEW
ITEM AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning (see Grading Permit for Financial
Guarantee Requirements)
Cash: $ -0- $ -0-
Financial Guarantee: $ -0- $ -0-
Adopted by the City Council on February 11, 2003.