HomeMy WebLinkAboutCity Council Resolution 2002-541CITY OF PLYMOUTH
RESOLUTION NO. 2002-541
REDUCING REQUIRED FINANCIAL GUARANTEE
SEVEN GREENS (2001031)
WHEREAS, in accordance with the development contract dated September 26, 2001, Swan Development
LLC, developer of Seven Greens (2001031), 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 $575,583 to
$258,317 to reflect the completed work. Letter of Credit No. NZS425408 may be reduced accordingly.
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Constriction
$ 407,050
$ 81,410
$ 81,410
Sanitary Sewer
223,087
44,618
-0-
Watermain
171,975
34,395
-0-
Watermain System Vicksburg Lane
50,550
10,110
-0-
Storm Sewer
183,948
36,790
-0-
Boulevard and Drainage Swale Sod
9,000
9,000
9,000
N [_]RP Pond Constriction
20,881
4,176
4,176
Mitigation Pond Constriction
24,975
24,975
24,975
Street Signs (7 x 200)
1,400
1,400
1,400
Concrete Sidewalk
183,200
183,200
36,640
Park and Trail Improvements
30,855
10,800
-0-
Site Grading and Drainage Improvements
335,195
67,039
67,039
Setting Iron Monuments
6,000
6,000
6,000
Design, Administration, Inspection, As-Builts
191,708
61,670
27,677
TOTAL
$ 1,845,890
$ 575,583
$ 258,317
That the required financial guarantee for the above items be reduced as detailed above from $575,583 to
$258,317 to reflect the completed work. Letter of Credit No. NZS425408 may be reduced accordingly.
RESOLUTION NO. 2002-541
SEVEN GREENS (2001031)
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
Cash:
Letter of Credit No. NZS404438:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 87,500 $ 87,500
FURTHER BE IT RESOLVED that the sanitary sewer, watermain, watermain system Vicksburg Lane, and
storm sewer constriction is accepted for continual maintenance as of November 26, 2002 subject to the two
year guarantee by the Developer per Maintenance Bond No. 929265424 issued by Continental Insurance
Company.
Adopted by the City Council on November 26, 2002.