HomeMy WebLinkAboutCity Council Resolution 2002-338CITY OF PLYMOUTH
RESOLUTION NO. 2002-338
REDUCING REQUIRED FINANCIAL GUARANTEE
HOLLY CREEK VILLAGE ADDITION (97011)
WHEREAS, in accordance with the development contract dated April 12, 1998, Town and Country Homes,
Inc., developer of Holly Creek Village Addition (97011), 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 are reduced as follows:
That the required financial guarantee for the above items be reduced as detailed above from $21,661 to
$9,184 to reflect the completed work. Subdivision Bond No. 121640 in the amount of $32,491 (150% x
$21,661) may be reduced to $13,776 (150% x $9,184).
C Documents and Settnig, anfieese,Local Settuig, TempVC(R 2002-338 5388 - CCR 2002-338 doe
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Constriction
$ 143,823
$ -0-
$ -0-
Sanitary Sewer
134,668
-0-
-0-
Watermain
128,140
-0-
-0-
Storm Sewer
127,607
-0-
-0-
Boulevard and Drainage Swale Sod
11,000
2,000
-0-
Mitigation Pond Constriction
8,200
8,200
8,200
N[ -]RP Pond Constriction
1,050
-0-
-0-
Wetland Buffer Posts
7,000
500
-0-
Street Signs (4x200)
800
-0-
-0-
Site Grading and Drainage Improvements
344,548
-0-
-0-
Park and Trail Improvements
-0-
-0-
-0-
Setting Iron Monuments
8,640
8,640
-0-
Design, Administration, Inspection, As-Builts
109,857
2,321
984
TOTAL
$ 1,025,328
$ 21,661
$ 9,184
That the required financial guarantee for the above items be reduced as detailed above from $21,661 to
$9,184 to reflect the completed work. Subdivision Bond No. 121640 in the amount of $32,491 (150% x
$21,661) may be reduced to $13,776 (150% x $9,184).
C Documents and Settnig, anfieese,Local Settuig, TempVC(R 2002-338 5388 - CCR 2002-338 doe
RESOLUTION NO. 2002 -338
HOLLY CREEK VILLAGE (97011)
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. SPL 36430:
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ 1,000 $ 1,000 $-0-
$25,700
-0-
$25,700 $ 15,000 $ -0-
FURTHER BE IT RESOLVED that the financial guarantee for the above items be reduced from $1,000 cash
to $0 (zero) and the required financial guarantee being reduced from $15,000 to $0 (zero). Letter of Credit
No. SPL 36430 may be reduced accordingly, and will be released by the Finance Department.
Adopted by the City Council on July 23, 2002.
C Documents and Settnig, anfieese,Local Settuig, TempVC(R 2002-338 5388 - CCR 2002-338 doe