HomeMy WebLinkAboutCity Council Resolution 2003-443CITY OF PLYMOUTH
RESOLUTION NO. 2003-443
REDUCING REQUIRED FINANCIAL GUARANTEE
PARKERS LAKE SHORES (20078)
WHEREAS, in accordance with the development contract dated May 23, 2001, Parkers Lake Shores LTD
Partnership, developer of Parkers Lake Shores (20078), 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; and
WHEREAS, the developer has requested that the street and utility construction be accepted by the City and
has fulfilled all obligations including providing appropriate maintenance bonds;
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:
Builts
TOTAL $177,438 $72,851 $0
That the required financial guarantee for the above items be reduced as detailed above from $72,851 to $0
(zero) to reflect the completed work. Letter of Credit No. 1573 001 may be reduced accordingly and will be
released by the Finance Department.
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Construction
$27,765
$14,765
-0-
Sanitary Sewer
13,582
2,716
-0-
Watermain
17,094
6,000
-0-
Storm Sewer
27,856
12,000
-0-
Boulevard and Drainage Swale Sod
2,000
2,000
-0-
Mitigation Pond Construction
-0-
-0-
-0-
NURP Pond Construction
15,130
7,565
-0-
Street Signs (0 x 200)
-0-
-0-
-0-
Site Grading and Drainage Improvements
55,000
20,000
-0-
Park and Trail Improvements
-0-
-0-
-0-
Setting Iron Monuments
-0-
-0-
-0-
Design, Administration, Inspection, As-
19,011
7,806
-0-
Builts
TOTAL $177,438 $72,851 $0
That the required financial guarantee for the above items be reduced as detailed above from $72,851 to $0
(zero) to reflect the completed work. Letter of Credit No. 1573 001 may be reduced accordingly and will be
released by the Finance Department.
RESOLUTION NO. 2003-443
PARKERS LAKE SHORES (20078)
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
Cash:
Cash in lieu of letter of credit:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $1,000
$3,000 $3,000
FURTHER BE IT RESOLVED that the sanitary sewer, watermain, and storm sewer construction is accepted
for continual maintenance as of October 14, 2003 subject to the two year guarantee by the Developer per
Maintenance Bond No. GRMN21597A issued by Granite RE, Inc. and that the street construction is accepted
for continual maintenance as of October 14, 2003 subject to the one year guarantee by the Developer per
Maintenance Bond No. GRMN21596A by Granite RE, Inc.
Adopted by the City Council on October 14, 2003.