HomeMy WebLinkAboutCity Council Resolution 2002-539CITY OF PLYMOUTH
RESOLUTION NO. 2002-539
REDUCING REQUIRED FINANCIAL GUARANTEE
CORNERSTONE COMMONS 3RD ADDITION (99050)
WHEREAS, in accordance with the development contract dated July 21, 1999, Elim Care Foundation and
The Rottlund Company, Inc., developers of Cornerstone Commons -1 Addition (99050), have agreed to
install certain improvements for said development; and
WHEREAS, the developers have completed a portion of the street, utility and site grading as noted below;
and
WHEREAS, the developers have 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 $58,444 to
$1,344 to reflect the completed work. The required financial guarantee, Bond No. 149282, may be reduced
from $87,666 (150% x $58,444) to $2,016 (150% x $1,344).
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Constriction
$ 180,911
$ 36,182
$ -0-
Sanitary Sewer
45,886
-0-
-0-
Watermain
75,205
-0-
-0-
Storm Sewer
78,982
-0-
-0-
Boulevard and Drainage Swale Sod
13,000
10,500
1,200
Mitigation Pond Constriction
-0-
-0-
-0-
N [_]RP Pond Constriction
-0-
-0-
-0-
Street Signs (3x200)
600
-0-
-0-
Site Grading and Drainage Improvements
-0-
-0-
-0-
Park and Trail Improvements
26,904
5,500
-0-
Setting Iron Monuments
4,000
-0-
-0-
Design, Administration, Inspection, As-
51,059
6,262
144
Bullts
TOTAL
$ 476,547
$ 58,444
$ 1,344
That the required financial guarantee for the above items be reduced as detailed above from $58,444 to
$1,344 to reflect the completed work. The required financial guarantee, Bond No. 149282, may be reduced
from $87,666 (150% x $58,444) to $2,016 (150% x $1,344).
RESOLUTION NO. 2002-539
CORNERSTONE COMMONS 3RD ADDITION (99050)
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 (Included in Cornerstone Commons
Addition (98094))
Cash:
Financial Guarantee:
ORIGINAL NEW
AMOUNT AMOUNT
$ -0- $-0-
$-0-
-0-
$-0- $ -0-
FURTHER BE IT RESOLVED that the street constriction is accepted for continual maintenance as of
November 26, 2002 subject to the two year guarantee by the Developer per Maintenance Bond No.
54135243 issued by United Fire & Casualty Company.
Adopted by the City Council on November 26, 2002.