HomeMy WebLinkAboutCity Council Resolution 2002-410CITY OF PLYMOUTH
RESOLUTION NO. 2002-410
REDUCING REQUIRED FINANCIAL GUARANTEE
HARVEST HILLS (2001023)
WHEREAS, in accordance with the development contract dated September 10, 2001 and revised on March
28, 2002, 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 $1,490,600
($993,733 x 150%) to $662,778 ($441,852 x 150%) to reflect the completed work. Subdivision Bond No.
929219099 may be reduced accordingly.
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Constriction
$ 376,676
$ 263,673
$ 75,335
Schmidt Lake Road Street Constriction
195,886
48,972
39,177
Sanitary Sewer
179,572
89,786
35,914
Watermain
114,780
57,390
22,956
Watermain - Schmidt Lake Road
36,470
-0-
-0-
Watermain - Holly Lane
59,809
59,809
11,962
Storm Sewer
283,505
141,752
56,701
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
14,754
Street Signs (2 x 200)
400
400
400
Concrete Sidewalk
35,249
35,249
35,249
Park and Trail Improvements
22,069
22,069
22,069
Site Grading and Drainage Improvements
287,969
71,992
57,594
Setting Iron Monuments
8,000
8,000
8,000
Design, Administration, Inspection, As-Builts
202,627
106,471
47,341
TOTAL
$ 1,891,182
$ 993,733
$ 441,852
That the required financial guarantee for the above items be reduced as detailed above from $1,490,600
($993,733 x 150%) to $662,778 ($441,852 x 150%) to reflect the completed work. Subdivision Bond No.
929219099 may be reduced accordingly.
RESOLUTION NO. 2002-410
HARVEST HILLS (2001023)
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:
ORIGINAL NEW
ITEM AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning (see Grading Permit for Financial
Guarantee Requirements)
Cash: $ -0- $ -0-
Financial Guarantee: $ -0- $ -0-
Adopted by the City Council on September 9, 2002.