HomeMy WebLinkAboutCity Council Resolution 2002-092CITY OF PLYMOUTH
RESOLUTION NO. 2002-092
REDUCING REQUIRED FINANCIAL GUARANTEE
PLYMOUTH STATION (97145)
WHEREAS, in accordance with the development contract dated November 25, 1997, Hans Hagen Inc. and
Robbins Partnership, developer of Plymouth Station (97145), have 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 $31,584 to
$11,200 to reflect the completed work. Development Bond No. 116309 in the amount of $47,376 (150% x
$31,584) may be reduced to $16,800 (150% x $11,200).
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ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 363,000
$ -0-
Sanitary Sewer
-0-
-0-
Watermain
-0-
-0-
Storm Sewer
77,500
-0-
Boulevard and Drainage Swale Sod
-0-
-0-
Mitigation Pond Constriction
10,000
10,000
N[ -]RP Pond Constriction
13,500
-0-
Street Signs (200)
-0-
-0-
Site Grading and Drainage Improvements
-0-
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
-0-
-0-
Design, Administration, Inspection, As-Builts
55,680
1,200
TOTAL
$ 519,680
$ 11,200
That the required financial guarantee for the above items be reduced as detailed above from $31,584 to
$11,200 to reflect the completed work. Development Bond No. 116309 in the amount of $47,376 (150% x
$31,584) may be reduced to $16,800 (150% x $11,200).
C Documents and Settnig, anfieese,Local Setting, TempVC(R 2002-092 53591 CCR 2002-092 doe
RESOLUTION NO. 2002-092
PLYMOUTH STATION (97145)
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. S405313:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,500 $ 1,500
$ 39,000 $ 15,000
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,500 cash with
the required financial guarantee being reduced from $39,000 to $15,000. Letter of Credit S405313 may be
reduced accordingly.
FURTHER BE IT RESOLVED that the storm sewer constriction is accepted for continual maintenance as of
February 26, 2002.
Adopted by the City Council on February 26, 2002.
C Documents and Settnig, anfieese,Local Setting, TempVC(R 2002-092 53591 CCR 2002-092 doe