HomeMy WebLinkAboutCity Council Resolution 2003-349CITY OF PLYMOUTH
RESOLUTION NO. 2003-349
FINAL RELEASE OF FINANCIAL GUARANTEE
CONOR MEADOWS ADDITION (96113)
WHEREAS, in accordance with the development contract dated April 3, 1997, Centex Homes, A Nevada
General Partnership, developer of Conor Meadows Addition (96113), 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 final release 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 $9,655 to $0
(zero) to reflect the completed work. Development Bond No. 5917829 submitted for the financial
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Construction
$ 124,970
$ -0-
$ -0-
Sanitary Sewer
127,229
-0-
-0-
Watermain
88,460
-0-
-0-
Storm Sewer
62,600
-0-
-0-
Boulevard and Drainage Swale Sod
3,600
-0-
-0-
Mitigation Pond Construction
8,621
8,621
-0-
NURP Pond Construction
15,861
-0-
-0-
Street Signs (4 x 200)
800
-0-
-0-
Wetland Buffer Posts
1,200
-0-
-0-
Site Grading and Drainage Improvements
182,378
-0-
-0-
Park and Trail Improvements
-0-
-0-
-0-
Setting Iron Monuments
3,975
-0-
-0-
Design, Administration, Inspection, As-
74,363
1,034
-0-
Builts
TOTAL
$ 694,057
$ 9,655
$ -0-
That the required financial guarantee for the above items be reduced as detailed above from $9,655 to $0
(zero) to reflect the completed work. Development Bond No. 5917829 submitted for the financial
RESOLUTION NO. 2003-349
CONOR MEADOWS ADDITION (96113)
Page Two
guarantee may be reduced from $14,483 (150% x $9,655) to $0 (zero). The required financial guarantee may
be reduced accordingly and will be released by the Finance Department.
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items per Section
8.1 of the approved development contract be remain as follows:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 382183:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $-0-
$26,000
-0-
$26,000 $ -0-
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain as detailed above in
the amount of $0 (zero) to reflect the completed work. The Finance Department previously released the
required financial guarantee.
FURTHER BE IT RESOLVED that the Conor Meadows Addition (96113) has fulfilled its obligation for
wetland mitigation. The project is now considered complete and has satisfied the Wetland Conservation Act
requirements.
Adopted by the City Council on August 12, 2003.