HomeMy WebLinkAboutCity Council Resolution 2003-415CITY OF PLYMOUTH
RESOLUTION NO. 2003-415
FINAL RELEASE OF FINANCIAL GUARANTEE
CORNERSTONE COMMONS 3" ADDITION (99050)
WHEREAS, in accordance with the development contract dated July 21, 1999, Elim Care Foundation and
The Rottlund Company, Inc., developers of Cornerstone Commons 3rd Addition (99050), have agreed to
install certain improvements for said development; and
WHEREAS, the developers have completed a portion of the street, utility and site grading as noted below;
and
WHEREAS, the developers have 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:
ITEM
Street Construction
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Mitigation Pond Construction
N URP Pond Construction
Street Signs (3x200)
Site Grading and Drainage Improvements
Park and Trail Improvements
Setting Iron Monuments
Design, Administration, Inspection, As-
Builts
TOTAL
ORIGINAL
CURRENT
NEW
AMOUNT
AMOUNT
AMOUNT
$ 180,911
$ -0-
$ -0-
45,886
-0-
-0-
75,205
-0-
-0-
78,982
-0-
-0-
13,000
1,200
-0-
-0-
-0-
-0-
-0-
-0-
-0-
600
-0-
-0-
-0-
-0-
-0-
26,904
-0-
-0-
4,000
-0-
-0-
51,059
144
-0-
$476,547
$ 1,344
$ -0-
RESOLUTION NO. 2003-415
CORNERSTONE COMMONS 3" ADDITION (99050)
Page Two
That the required financial guarantee for the above items be reduced as detailed above from $1,344 to $0
(zero) to reflect the completed work. The required financial guarantee, Bond No. 149282, 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 remain as follows:
ITEM
ORIGINAL NEW
AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning (Included in Cornerstone Commons
Addition (98094))
Cash: $ -0- $ -0-
Financial Guarantee: $ -0- $ -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 finance guarantee.
Adopted by the City Council on September 23, 2003.