HomeMy WebLinkAboutCity Council Resolution 2003-543CITY OF PLYMOUTH
RESOLUTION NO. 2003-543
REDUCING REQUIRED FINANCIAL GUARANTEE
THE RESERVE SECOND ADDITION (2002054)
WHEREAS, in accordance with the development contract dated June 19, 2002, Rottlund Company, Inc.,
developer of The Reserve Second Addition (2002054), 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 are reduced as follows:
That the required financial guarantee for the above items be reduced as detailed above from 1,280,733
($853,822 x 150%) to $418,992 ($279,328 x 150%) to reflect the completed work. The Subdivision Bond
No. 929262820 may be reduced accordingly.
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Construction
$ 578,998
$ 173,699
115,800
Sanitary Sewer
392,114
78,423
-0-
Watermain
536,376
107,275
-0-
Storm Sewer
373,698
74,740
-0-
Boulevard and Drainage Swale Sod
26,000
26,000
26,000 -
Mitigation Pond Construction
-0-
-0-
-0-
N URP Pond Construction
-0-
-0-
-0-
Street Signs (7 x 200)
1,400
1,400
-0-
Site Grading and Drainage Improvements
759,000
227,700
100,000
Sidewalk Improvements
65,504
65,504
-0-
Setting Iron Monuments
7,600
7,600
7,600
Design, Administration, Inspection, As-Builts
328,883
91,481
29,928
TOTAL
$ 3,069,573
$853,822
$279,328
That the required financial guarantee for the above items be reduced as detailed above from 1,280,733
($853,822 x 150%) to $418,992 ($279,328 x 150%) to reflect the completed work. The Subdivision Bond
No. 929262820 may be reduced accordingly.
RESOLUTION NO. 2003-543
THE RESERVE SECOND ADDITION (2002054)
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 [Included in The Reserve —
(20092)]
Cash: $ -0- $ -0- $_0_
Financial
-0-
Financial Guarantee: $ -0- $ -0- $_0_
FURTBER
-0-
FURTHER BE IT RESOLVED that the utility construction is accepted for continual maintenance as of
November 25, 2003 subject to the two-year guarantee by the Developer per Maintenance Bond No.
54134365 issued by United Fire and Casualty Company.
Adopted by the City Council on November 25, 2003.