HomeMy WebLinkAboutCity Council Resolution 2002-094CITY OF PLYMOUTH
RESOLUTION NO. 2002-094
REDUCING REQUIRED FINANCIAL GUARANTEE
CORNERSTONE COMMONS 3RD ADDITION (99050)
WHEREAS, in accordance with the development contract dated July 21, 1999, Elim Care Foundation and
The Rottlund Company, Inc., developers of Cornerstone Commons -1 Addition (99050), have agreed to
install certain improvements for said development; and
WHEREAS, the developers have completed a portion of the street, utility and site grading as noted below;
and
WHEREAS, the developers have 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 $108,411 to
$58,444 to reflect the completed work. The required financial guarantee, Bond No. 149282, may be reduced
from $162,617 (150% x $108,411) to $87,666 (150% x $58,444).
C Documents and Settnig, anfieese,Local Setting, TempVC(R 2002-094 53593CCR 2002-094 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 180,911
$ 36,182
Sanitary Sewer
45,886
-0-
Watermain
75,205
-0-
Storm Sewer
78,982
-0-
Boulevard and Drainage Swale Sod
13,000
10,500
Mitigation Pond Constriction
-0-
-0-
N [-]RP Pond Constriction
-0-
-0-
Street Signs (3x200)
600
-0-
Site Grading and Drainage Improvements
-0-
-0-
Park and Trail Improvements
26,904
5,500
Setting Iron Monuments
4,000
-0-
Design, Administration, Inspection, As-Builts
51,059
6,262
TOTAL
$ 476,547
$ 58,444
That the required financial guarantee for the above items be reduced as detailed above from $108,411 to
$58,444 to reflect the completed work. The required financial guarantee, Bond No. 149282, may be reduced
from $162,617 (150% x $108,411) to $87,666 (150% x $58,444).
C Documents and Settnig, anfieese,Local Setting, TempVC(R 2002-094 53593CCR 2002-094 doe
RESOLUTION NO. 2002-094
CORNERSTONE COMMONS 3RD ADDITION (99050)
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:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning (Included in Cornerstone Commons
Addition (98094))
Cash:
Financial Guarantee:
ORIGINAL NEW
AMOUNT AMOUNT
$ -0- $-0-
$-0-
-0-
$-0- $ -0-
FURTHER BE IT RESOLVED that the sanitary sewer, watermain, and storm sewer constriction is accepted
for continual maintenance as of February 26, 2002 subject to the two year guarantee by the Developer per
Maintenance Bond No. 54110205 issued by United Fire & Casualty Company.
Adopted by the City Council on February 26, 2002.
C Documents and Settnig, anfieese,Local Setting, TempVC(R 2002-094 53593CCR 2002-094 doe