HomeMy WebLinkAboutCity Council Resolution 2002-537CITY OF PLYMOUTH
RESOLUTION NO. 2002-537
REDUCING REQUIRED FINANCIAL GUARANTEE
WALNUT GROVE POND ADDITION (94100)
WHEREAS, in accordance with the development contract dated May 31, 1995, Three Star Tricking,
developer of Walnut Grove Pond Addition (94100), 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:
ITEM
ORIGINAL
CURRENT
NEW
AMOUNT
AMOUNT
AMOUNT
Street Constriction
$ 46,000
$ -0-
$ -0-
Sanitary Sewer
48,000
-0-
-0-
Watermain
39,800
-0-
-0-
Storm Sewer
23,000
-0-
-0-
Boulevard and Drainage Swale Sod
4,400
800
-0-
Mitigation Pond Constriction
-0-
-0-
-0-
Sediment Pond Constriction
-0-
-0-
-0-
Street Signs (2 x 200)
400
-0-
-0-
Site Grading and Drainage Improvements
70,500
5,000
-0-
Park and Trail Improvements
-0-
-0-
-0-
Setting Iron Monuments
1,200
-0-
-0-
Design, Administration, Inspection, As-
27,996
696
-0-
Bullts
TOTAL
$261,296
$6,496
$-0-
That the required financial guarantee for the above items be reduced as detailed above from $6,496 to $0
(zero) to reflect the completed work. Letter of Credit No. 96-6 may be reduced accordingly and will be
released by the Finance Department.
RESOLUTION NO. 2002-537
WALNUT GROVE POND ADDITION (94100)
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. 95-6:
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$1,000 $1,000 $-0-
$5,000 $3,000 $-0-
FURTHER BE IT RESOLVED that the financial guarantee for the above items be reduced from $1,000 cash
to $0 (zero) with the required financial guarantee being reduced from $3,000 to $0 (zero). Letter of Credit
No. 95-6 may be reduced accordingly and will be released by the Finance Department.
Adopted by the City Council on November 26, 2002.