HomeMy WebLinkAboutCity Council Resolution 2002-273CITY OF PLYMOUTH
RESOLUTION NO. 2002-273
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, remain as detailed above at
$198,083 ($132,055 x 150%) to reflect the completed work.
C Documents and Settnig, anfieese,Local Setting, TempVCCR 2002-2-3 53800 CCR 2002-2-3 doe
ORIGINAL
CURRENT
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, remain as detailed above at
$198,083 ($132,055 x 150%) to reflect the completed work.
C Documents and Settnig, anfieese,Local Setting, TempVCCR 2002-2-3 53800 CCR 2002-2-3 doe
RESOLUTION NO. 2002-273
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 be reduced as follows:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 475:
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ 1,000 $ 1,000 $ -0-
$ 17,500 $ 2,000 $ -0-
FURTHER BE IT RESOLVED that the financial guarantee for Maintenance of Sediment and Erosion
Control Plan be reduced from $1,000 cash to $0 (zero) with Letter of Credit No. 475 being reduced from
$2,000 to $0 (zero). The financial guarantee may be reduced accordingly and will be released by the Finance
Department.
Adopted by the City Council on June 11, 2002.
C Documents and Settnig, anfieese,Local Setting, TempVCCR 2002-2-3 53800 CCR 2002-2-3 doe