HomeMy WebLinkAboutCity Council Resolution 2003-544CITY OF PLYMOUTH
RESOLUTION NO. 2003-544
REDUCING REQUIRED FINANCIAL GUARANTEE
WELLSWOOD COURT (2001076)
WHEREAS, in accordance with the development contract dated October 4, 2001, JANCO, Inc., developer of
Wellswood Court (2001076), 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 $40,911 to
26,880 to reflect the completed work. Subdivision Bond No. B21846809 may be reduced from $61,367
($40,911 x 150%) to $40,320 ($26,880 x 150%).
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Construction
$ 59,139
$ 11,828
-0-
Sanitary Sewer
19,747
-0-
-0-
Watermain
22,818
-0-
-0-
Storm Sewer
43,858
-0-
-0-
Boulevard and Drainage Swale Sod
1,800
1,800
1,800
Mitigation Pond Construction
-0-
-0-
-0-
NURP Pond Construction
5,000
-0-
-0-
Street Signs (1 x 200)
200
200
200
Park and Trail Improvements
-0-
-0-
-0-
Site Grading and Drainage Improvements
110,000
22,000
22,000
Setting Iron Monuments
700
700
-0-
Design, Administration, Inspection, As-Builts
31,591
4,383
2,880
TOTAL
$ 294,853
$ 40,911
$26,880
That the required financial guarantee for the above items be reduced as detailed above from $40,911 to
26,880 to reflect the completed work. Subdivision Bond No. B21846809 may be reduced from $61,367
($40,911 x 150%) to $40,320 ($26,880 x 150%).
RESOLUTION NO. 2003-544
WELLSWOOD COURT (2001076)
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:
Letter of Credit No. 101801:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 4,400 $ 2,200
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash and
Letter of Credit No. 101801 may be reduced from $4,000 to $2,200.
FURTHER BE IT RESOLVED that the street construction is accepted for continual maintenance as of
November 25, 2003 subject to the one year guarantee by the Developer per Maintenance Bond No. 5413463
issued by United Fire & Casualty Company.
Adopted by the City Council on November 25, 2003.