HomeMy WebLinkAboutCity Council Resolution 2003-172CITY OF PLYMOUTH
RESOLUTION NO. 2003-172
REDUCING REQUIRED FINANCIAL GUARANTEE
SUNRISE MARSH (2002012)
WHEREAS, in accordance with the development contract dated September 4, 2002, 3Z Holdings, LLC,
developer of Sunrise Marsh (2002012), 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 $332,743 to
$113,319 reflect the completed work. The Letter of Credit No. 332 may be reduced accordingly.
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Construction
$ 41,892
$ 41,892
$ 8,378
Sanitary Sewer
35,600
35,600
7,120
Watermain
53,400
53,400
10,680
Storm Sewer
114,000
114,000
22,800
Boulevard and Drainage Swale Sod
5,000
5,000
5,000
Pond Construction
-0-
-0-
-0-
Mitigation Pond Construction
4,000
4,000
4,000
NURP Pond Construction
7,000
7,000
7,000
Street Signs (1 x 200)
200
200
200
Park and Trail Improvements
9,500
9,500
9,500
Site Grading and Drainage Improvements
24,000
24,000
24,000
Setting Iron Monuments
2,500
2,500
2,500
Design, Administration, Inspection, As-Builts
35,651
35,651
12,141
TOTAL
$ 332,743
$ 332,743
$ 113,319
That the required financial guarantee for the above items be reduced as detailed above from $332,743 to
$113,319 reflect the completed work. The Letter of Credit No. 332 may be reduced accordingly.
RESOLUTION NO. 2003-172
SUNRISE MARSH (2002012)
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 April 8, 2003.
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ -0- $ -0- $-0-
$-0-
-0-
$-0- $ -0- $ -0-