HomeMy WebLinkAboutCity Council Resolution 2002-010RESOLUTION NO. 2002-010
REDUCING REQUIRED FINANCIAL GUARANTEE
WESTBRANCH 4TH ADDITION (95139)
WHEREAS, in accordance with the development contract dated October 8, 1997, U.S. Home Corporation,
developer of Westbranch 4th Addition (95139), 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 $7,840 to $2,240
to reflect the completed work. Letter of Credit No. FGAC-97137 may be reduced accordingly.
C Dc)cmnents acid Settnig, anfieese,Local Setting, TempVC('R 2002-010 53509,CCR 2002-010.doc
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 63,300
$ -0-
Sanitary Sewer
70,400
-0-
Watermain
48,200
-0-
Storm Sewer
31,500
-0-
Boulevard and Drainage Swale Sod
3,800
-0-
Mitigation Pond Constriction
2,000
2,000
N[ -]RP Pond Constriction
2,900
-0-
Street Signs (2x200)
400
-0-
Site Grading and Drainage Improvements
95,700
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
900
-0-
Design, Administration, Inspection, As-Builts
38,292
240
TOTAL
$ 357,392
$ 2,240
That the required financial guarantee for the above items be reduced as detailed above from $7,840 to $2,240
to reflect the completed work. Letter of Credit No. FGAC-97137 may be reduced accordingly.
C Dc)cmnents acid Settnig, anfieese,Local Setting, TempVC('R 2002-010 53509,CCR 2002-010.doc
RESOLUTION NO. 2002-010
WESTBRANCH 4TH ADDITION (95139)
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 reduced as follows:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit No. FGAC-97127:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ -0-
$ 10,500 $ -0-
FURTHER BE IT RESOLVED that the financial guarantee for Maintenance of Sediment and Erosion
Control Plan be reduced from $1,000 cash to $0 (zero) with Letter of Credit No. FGAC-97127 being reduced
from $2,500 to $0 (zero). The financial guarantee may be reduced accordingly and will be released by the
Finance Department.
Adopted by the City Council on January 8, 2002.
C Dc)cmnents acid Settnig, anfieese,Local Setting, TempVC('R 2002-010 53509,CCR 2002-010.doc