HomeMy WebLinkAboutCity Council Resolution 2003-548CITY OF PLYMOUTH
RESOLUTION NO. 2003-548
FINAL RELEASE OF THE FINANCIAL GUARANTEE
PLUM TREE 4TH ADDITION (98019)
WHEREAS, in accordance with the development contract dated April 2, 1998, Lundgren Bros. Construction,
Inc., developer of Plum Tree 4th Addition (98019), has agreed to install certain improvements for said
development; and
WHEREAS, the developer has completed 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:
ITEM
Street Construction
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Mitigation Pond Construction
N URP Pond Construction
Street Signs (3 x 200)
Site Grading and Drainage Improvements
Park and Trail Improvements
Setting Iron Monuments
Design, Administration, Inspection, As-
Builts
TOTAL
ORIGINAL
CURRENT
NEW
AMOUNT
AMOUNT
AMOUNT
$ 130,000
$ -0-
$ -0-
57,000
-0-
-0-
35,000
-0-
-0-
52,000
-0-
-0-
2,000
2,000
-0-
-0-
-0-
-0-
-0-
-0-
-0-
600
-0-
-0-
45,000
-0-
-0-
8,000
-0-
-0-
2,025
-0-
-0-
39,795
240
-0-
$371,420
$ 2,240
$-0-
That the required financial guarantee for the above items be reduced as detailed above from $2,240 to $-0-
(zero) to reflect the completed work. Letter of Credit No. 18384 may be reduced accordingly and released
by the Finance Department.
RESOLUTION NO. 2003-548
PLUM TREE 4TH ADDITION (98019)
Page Two
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items per Section
8.1 of the approved development contract be released:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and
Storm
Sewer Cleaning
Cash:
Letter of Credit No. 18320:
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ 1,000 $ 1,000 $-0-
$2,000 $ 2,000 $-0-
FURTHER BE IT RESOLVED that the financial guarantee for the above $1,000 cash may be reduced from
$1,000 to $-0- (zero) and Letter of Credit No. 18320 may be reduced from $2,000 to $-0- (zero) and be
released by the Finance Department.
Adopted by the City Council on November 25, 2003.