HomeMy WebLinkAboutCity Council Resolution 2003-079CITY OF PLYMOUTH
RESOLUTION NO. 2003-079
REDUCING REQUIRED FINANCIAL GUARANTEE
THE RESERVE SECOND ADDITION (2002054)
WHEREAS, in accordance with the development contract dated June 19, 2002, Rottlund Company, Inc.,
developer of The Reserve Second Addition (2002054), 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 $4,604,359
($3,069,573 x 150%) to $1,280,733 ($853,822 x 150%) to reflect the completed work. The Subdivision
Bond No. 929262820 may be reduced accordingly.
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Construction
$ 578,998
$ 578,998
$ 173,699
Sanitary Sewer
392,114
392,114
78,423
Watermain
536,376
536,376
107,275
Storm Sewer
373,698
373,698
74,740
Boulevard and Drainage Swale Sod
26,000
26,000
26,000
Mitigation Pond Construction
-0-
-0-
-0-
N URP Pond Construction
-0-
-0-
-0-
Street Signs (7 x 200)
1,400
1,400
1,400
Site Grading and Drainage Improvements
759,000
759,000
227,700
Sidewalk Improvements
65,504
65,504
65,504
Setting Iron Monuments
7,600
7,600
7,600
Design, Administration, Inspection, As-Builts
328,883
328,883
91,481
TOTAL
$ 3,069,573
$ 3,069,573
$853,822
That the required financial guarantee for the above items be reduced as detailed above from $4,604,359
($3,069,573 x 150%) to $1,280,733 ($853,822 x 150%) to reflect the completed work. The Subdivision
Bond No. 929262820 may be reduced accordingly.
RESOLUTION NO. 2003-079
THE RESERVE SECOND ADDITION (2002054)
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 [Included in The Reserve —
(20092)]
Cash:
Financial Guarantee:
Adopted by the City Council on February 11, 2003.
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ -0- $ -0- $-0-
$-0-
-0-
$-0- $ -0- $ -0-