HomeMy WebLinkAboutCity Council Resolution 2003-268CITY OF PLYMOUTH
RESOLUTION NO. 2003-268
REDUCING REQUIRED FINANCIAL GUARANTEE
BASS CREEK BUSINESS PARK 4TH ADDITION (98097)
WHEREAS, in accordance with the development contract dated August 18, 1998, Opus Northwest, L.L.C.,
developer of Bass Creek Business Park 4th Addition (98097), 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 $1,076,992 to
$477,658 to reflect the completed work. The Contract Bond No. 400JY 9719 may be reduced from
$1,615,488 ($1,076,992 x 150%) to $716,487 ($477,658 x 150%).
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Construction
$ 73,700
$ 73,700
$ 14,740
Sanitary Sewer
175,200
175,200
35,040
Watermain
83,200
83,200
16,640
Storm Sewer
49,800
49,800
9,960
Boulevard and Drainage Swale Sod
4,500
4,500
4,500
Pond Construction
-0-
-0-
-0-
Mitigation Pond Construction
-0-
-0-
-0-
N URP Pond Construction
-0-
-0-
-0-
Street Signs (1 x 200)
200
200
-0-
Park and Trail Improvements
-0-
-0-
-0-
Site Grading and Drainage Improvements
573,500
573,500
344,100
Setting Iron Monuments
1,500
1,500
1,500
Design, Administration, Inspection, As-Builts
115,392
115,392
51,178
TOTAL
$ 1,076,992
$ 1,076,992
$ 477,658
That the required financial guarantee for the above items be reduced as detailed above from $1,076,992 to
$477,658 to reflect the completed work. The Contract Bond No. 400JY 9719 may be reduced from
$1,615,488 ($1,076,992 x 150%) to $716,487 ($477,658 x 150%).
RESOLUTION NO. 2003-268
BASS CREEK BUSINESS PARK 4TH ADDITION (98097)
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:
ORIGINAL CURRENT NEW
ITEM AMOUNT AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash: $ 1,000 $ 1,000 $ 1,000
Cash in lieu of Letter of Credit: $ 54,000 $ 54,000 $ 54,000
Adopted by the City Council on June 10, 2003.