HomeMy WebLinkAboutCity Council Resolution 2002-011RESOLUTION NO. 2002-011
REDUCING REQUIRED FINANCIAL GUARANTEE
CONOR MEADOWS PLAT TWO (96150)
WHEREAS, in accordance with the development contract dated June 24, 1998, Centex Homes, a Nevada
General Partnership, developer of Conor Meadows Plat Two (96150), 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 $28,000 to
$5,600 to reflect the completed work. Subdivision Bond No. 5943980 submitted as the financial guarantee
may be reduced from $42,000 (150% x 28,000) to $8,400 (150% x $5,600).
C Documents and Settnig, anfieese,Local Setting, TempVC(R 2002-011 53510 CCR 2002-011 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 57,130
$ -0-
Sanitary Sewer
98,235
-0-
Watermain
59,215
-0-
Storm Sewer
132,160
-0-
Boulevard and Drainage Swale Sod
5,000
-0-
Mitigation Pond Constriction
5,000
5,000
N[ -]RP Pond Constriction
5,875
-0-
Street Signs (200)
-0-
-0-
Site Grading and Drainage Improvements
137,237
-0-
Park and Trail Improvements
9,270
-0-
Setting Iron Monuments
1,500
-0-
Design, Administration, Inspection, As-Builts
61,275
600
TOTAL
$ 571,897
$ 5,600
That the required financial guarantee for the above items be reduced as detailed above from $28,000 to
$5,600 to reflect the completed work. Subdivision Bond No. 5943980 submitted as the financial guarantee
may be reduced from $42,000 (150% x 28,000) to $8,400 (150% x $5,600).
C Documents and Settnig, anfieese,Local Setting, TempVC(R 2002-011 53510 CCR 2002-011 doe
RESOLUTION NO. 2002-011
CONOR MEADOWS PLAT TWO (96150)
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 (Includes Conor Meadows
Plat 3 (98092))
Cash:
Letter of Credit No. 042197:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $-0-
$21,000
-0-
$21,000 $ -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). The required financial guarantee, in this case cash,
may be released accordingly and will be released by the Finance Department.
Adopted by the City Council on January 8, 2002.
C Documents and Settnig, anfieese,Local Setting, TempVC(R 2002-011 53510 CCR 2002-011 doe