HomeMy WebLinkAboutCity Council Resolution 2003-123CITY OF PLYMOUTH
RESOLUTION NO. 2003-123
REDUCING REQUIRED FINANCIAL GUARANTEE
THE FIELDS OF NANTERRE (2001148)
WHEREAS, in accordance with the development contract dated April 17, 2002, The Ryland Group, Inc.,
developer of The Fields of Nanterre (2001148), 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 remain as follows:
That the required financial guarantee for the above items be reduced as detailed above from $1,399,789 to
$646,960 reflect the completed work. The Letter of Credit No. 3048906 may be reduced accordingly.
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Construction
$ 180,877
$ 180,877
$ 73,103
Sanitary Sewer
205,188
205,188
102,594
Watermain
377,878
377,878
173,936
Storm Sewer
132,597
132,597
29,265
Boulevard and Drainage Swale Sod
6,800
6,800
6,800
Pond Construction
-0-
-0-
-0-
Mitigation Pond Construction
-0-
-0-
-0-
NURP Pond Construction
37,382
37,382
37,382
Street Signs (4 x 200)
800
800
800
Park and Trail Improvements
26,320
26,320
10,528
Site Grading and Drainage Improvements
277,470
277,470
138,735
Setting Iron Monuments
4,500
4,500
4,500
Design, Administration, Inspection, As-Builts
149,977
149,977
69,317
TOTAL
$ 1,399,789
$ 1,399,789
$ 646,960
That the required financial guarantee for the above items be reduced as detailed above from $1,399,789 to
$646,960 reflect the completed work. The Letter of Credit No. 3048906 may be reduced accordingly.
RESOLUTION NO. 2003-123
THE FIELDS OF NANTERRE (2001148)
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. 3048251
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ 1,000 $ 1,000 $ 1,000
$ 39,950 $ 39,950 $ 35,955
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash with a
separate letter of credit being reduced from $39,950 to $35,955. Letter of Credit No. 3048251 may be
reduced accordingly.
Adopted by the City Council on March 11, 2003.