HomeMy WebLinkAboutCity Council Resolution 2002-012RESOLUTION NO. 2002-012
REDUCING REQUIRED FINANCIAL GUARANTEE
THE VILLAGE AT BASSETT CREEK (97080)
WHEREAS, in accordance with the development contract dated September 3, 1998, The Rottlund Company,
Inc., developer of The Village At Bassett Creek (97080), 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 remain as follows:
That the required financial guarantee for the above items, in this case a bond, be reduced as detailed above
from $242,602 ($161,735 x 150%) to $198,083 ($132,055 x 150%) to reflect the completed work.
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ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 92,278
$ -0-
Sanitary Sewer
25,229
-0-
Watermain
27,597
-0-
Storm Sewer
33,845
-0-
Boulevard and Drainage Swale Sod
5,400
-0-
Mitigation Pond Constriction
117,906
117,906
N[ -]RP Pond Constriction
48,776
-0-
Street Signs (3 x 200)
600
-0-
Site Grading and Drainage Improvements
1,754,318
-0-
Park and Trail Improvements
8,262
-0-
Setting Iron Monuments
1,500
-0-
Design, Administration, Inspection, As-Builts
253,885
14,149
TOTAL
$ 2,369,596
$ 132,055
That the required financial guarantee for the above items, in this case a bond, be reduced as detailed above
from $242,602 ($161,735 x 150%) to $198,083 ($132,055 x 150%) to reflect the completed work.
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RESOLUTION NO. 2002-012
THE VILLAGE AT BASSETT CREEK (97080)
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 NEW
ITEM AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash: $ 1,000 $ 1,000
Letter of Credit No. 475: $ 17,500 $ 2,000
Adopted by the City Council on January 8, 2002.
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