HomeMy WebLinkAboutCity Council Resolution 2002-538CITY OF PLYMOUTH
RESOLUTION NO. 2002-538
REDUCING REQUIRED FINANCIAL GUARANTEE
SILVERTHORNE 4TH ADDITION (97133)
WHEREAS, in accordance with the development contract dated July 8, 1998, Laurent Land Development,
Inc., developer of Silverthorne 4th Addition (97133), 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 $25,816 to
$19,320 to reflect the completed work. Letter of Credit No. 29988-B may be reduced accordingly.
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Constriction
$ 157,472
$ -0-
$ -0-
Sanitary Sewer
61,178
-0-
-0-
Watermain
73,370
-0-
-0-
Storm Sewer
99,903
-0-
-0-
Boulevard and Drainage Swale Sod
6,400
6,400
600
Mitigation Pond Constriction
6,650
6,650
6,650
Drainage Pond Constriction
35,468
-0-
-0-
Street Signs (4 x 200)
800
-0-
-0-
Site Grading and Drainage Improvements
345,974
10,000
10,000
Park and Trail Improvements
18,400
-0-
-0-
Setting Iron Monuments
1,920
-0-
-0-
Design, Administration, Inspection, As-
96,904
2,766
2,070
Bullts
TOTAL
$ 904,439
$ 25,816
$ 19,320
That the required financial guarantee for the above items be reduced as detailed above from $25,816 to
$19,320 to reflect the completed work. Letter of Credit No. 29988-B may be reduced accordingly.
RESOLUTION NO. 2002-538
SILVERTHORNE 4TH ADDITION (97133)
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:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning [includes Silverthorne 5"'
Addition - (99075)]
Cash:
Letter of Credit No. 91200000362:
Adopted by the City Council on November 26, 2002.
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ 1,000 $ 1,000 $ 1,000
$ 43,765 $ 15,000 $ 15,000