HomeMy WebLinkAboutCity Council Resolution 2002-171CITY OF PLYMOUTH
RESOLUTION NO. 2002-171
REDUCING REQUIRED FINANCIAL GUARANTEE
HARVEST HILLS (2001023)
WHEREAS, in accordance with the development contract dated September 10, 2001, Town and Country
Homes, developer of Harvest Hills (2001023), has agreed to install certain improvements for said
development; and
WHEREAS, the required financial guarantee in the Development Contract (42001023) has been amended as
noted below; 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 $2,836,772
($1,891,182 x 150%) to $1,505,919 ($1,003,946 x 150%) to reflect the completed work. Subdivision Bond
C Documents and Settnig,unfiee,eLocal Settmg, TempVC(R 2002-1-1536-2 2002-1-1 doe
ORIGINAL
AMENDED
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Constriction
$ 217,034
$ 376,676
$ 263,673
Schmidt Lake Road Street Constriction
159,179
195,886
48,972
Sanitary Sewer
132,409
179,572
89,786
Watermain
94,865
114,780
57,390
Watermain - Schmidt Lake Road
24,715
36,470
9,118
Watermain - Holly Lane
50,579
59,809
59,809
Storm Sewer
168,645
283,505
141,752
Boulevard and Drainage Swale Sod
9,400
9,400
9,400
Rain Garden
5,000
5,000
5,000
N[ -]RP Pond Constriction
73,770
73,770
73,770
Street Signs (2 x 200)
400
400
400
Concrete Sidewalk
28,800
35,249
35,249
Park and Trail Improvements
18,000
22,069
22,069
Site Grading and Drainage Improvements
287,969
287,969
71,992
Setting Iron Monuments
8,000
8,000
8,000
Design, Administration, Inspection, As-Builts
153,452
202,627
107,566
TOTAL
$ 1,432,217
$ 1,891,182
$ 1,003,946
That the required financial guarantee for the above items be reduced as detailed above from $2,836,772
($1,891,182 x 150%) to $1,505,919 ($1,003,946 x 150%) to reflect the completed work. Subdivision Bond
C Documents and Settnig,unfiee,eLocal Settmg, TempVC(R 2002-1-1536-2 2002-1-1 doe
Resolution No. 2002-171
Page 2 of 2
No. 929219099, which was based on the original development contract amount, may be reduced from
$2,148,325 ($1,432,217 x 150%) to $1,505,919 ($1,003,946 x 150%).
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 (see Grading Permit for Financial
Guarantee Requirements)
Cash:
Financial Guarantee:
Adopted by the City Council on April 9, 2002.
ORIGINAL NEW
AMOUNT AMOUNT
$ -0- $-0-
$-0-
-0-
$-0- $ -0-
C Documents and Settnig,unfiee,eLocal Settmg, TempVC(R 2002-1-1536-2 2002-1-1 doe