HomeMy WebLinkAboutCity Council Resolution 2002-218CITY OF PLYMOUTH
RESOLUTION NO. 2002-218
REDUCING REQUIRED FINANCIAL GUARANTEE
NANTERRE ADDITION (94093)
WHEREAS, in accordance with the development contract dated October 13, 1995, Weston Corporation,
developer of Nanterre Addition (94093), 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 be reduced as follows:
ITEM
Street Constriction (excluding State
Aid Proj.)
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Mitigation Pond Constriction
N [-]RP Pond Constriction
Street Signs (6 x 200)
Site Grading and Drainage Improvements
(excluding State Aid Proj.)
Park and Trail Improvements
(excluding State Aid Proj.)
Setting Iron Monuments
Design, Administration, Inspection, As-Builts
Wetland Mitigation and Performance
Monitoring
TOTAL
ORIGINAL
CURRENT
NEW
AMOUNT
AMOUNT
AMOUNT
$132,703
$ -0-
$ -0-
200,629
-0-
-0-
140,876
-0-
-0-
76,230
-0-
-0-
9,000
-0-
-0-
-0-
-0-
-0-
20,000
5,000
5,000
1,200
-0-
-0-
384,250
76,850
15,370
10,179
-0-
-0-
3,600
-0-
-0-
117,440
9,822
3,764
13,400
11,000
11,000
$1,109,507
$102,672
$35,134
That the required financial guarantee for the above items be reduced as detailed above from $102,672 to
$35,134 to reflect the completed work. Letter of Credit No. 15297 may be reduced accordingly.
C Documents and Settnig,unfiee,eLocal Settmg, TempVC(R 2002-21853-45 CCR 2002-218 doe
RESOLUTION NO. 2002-218
NANTERRE ADDITION (94093)
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. 1731
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$1,000 $1,000 $1,000
$95,000 $45,000 $22,500
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain as $1,000 cash with
the required financial guarantee being reduced from $45,000 to $22,500. Letter of Credit 1731 may be
reduced accordingly.
Adopted by the City Council on May 14, 2002.
C Documents and Settnig,unfiee,eLocal Settmg, TempVC(R 2002-21853-45 CCR 2002-218 doe