HomeMy WebLinkAboutCity Council Resolution 2003-078CITY OF PLYMOUTH
RESOLUTION NO. 2003-078
REDUCING REQUIRED FINANCIAL GUARANTEE
KILLIANS GATE ADDITION (2002027)
WHEREAS, in accordance with the development contract dated July 10, 2002, Killians Gate, LLC, developer
of Killians Gate Addition (2002027), 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 $226,477 to
$55,197 to reflect the completed work. Letter of Credit No. 62 may be reduced accordingly.
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Construction
$ 44,207
$ 44,207
$ 8,841
Sanitary Sewer
40,986
40,986
8,197
Watermain
20,398
20,398
4,080
Storm Sewer
32,573
32,573
6,515
Boulevard and Drainage Swale Sod
1,900
1,900
1,900
Pond Construction
-0-
-0-
-0-
Mitigation Pond Construction
-0-
-0-
-0-
NURP Pond Construction
30,000
30,000
12,000
Street Signs (1 x 200)
200
200
200
Park and Trail Improvements
-0-
-0-
-0-
Site Grading and Drainage Improvements
30,498
30,498
6,100
Setting Iron Monuments
1,450
1,450
1,450
Design, Administration, Inspection, As-
24,265
24,265
5,914
Builts
TOTAL
$ 226,477
$ 226,477
$ 55,197
That the required financial guarantee for the above items be reduced as detailed above from $226,477 to
$55,197 to reflect the completed work. Letter of Credit No. 62 may be reduced accordingly.
RESOLUTION NO. 2003-078
KILLIANS GATE ADDITION (2002027)
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 (see Grading Permit for Financial
Guarantee Requirements)
Cash:
Financial Guarantee:
Adopted by the City Council on February 11, 2003.
ORIGINAL NEW
AMOUNT AMOUNT
$ -0- $-0-
$-0-
-0-
$-0- $ -0-