HomeMy WebLinkAboutCity Council Resolution 2002-574CITY OF PLYMOUTH
RESOLUTION NO. 2002-574
REDUCING FINANCIAL GUARANTEE
SUGAR HILLS 2ND ADDITION (93084)
WHEREAS, in accordance with the development contract dated September 7, 1993, Eugene R. Forbragd and
Darlene R. Forbragd, developers of Sugar Hills 2nd Addition (93084), 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 remain as follows:
ITEM
ORIGINAL
CURRENT
NEW
AMOUNT
AMOUNT
AMOUNT
Street Constriction (Excluding City Proj.
$306,000
$-0-
$-0-
No's 308 & 310)
Sanitary Sewer
125,000
-0-
-0-
Watermain
116,000
-0-
-0-
Storm Sewer
138,000
-0-
-0-
Boulevard and Drainage Swale Sod
11,000
-0-
-0-
Mitigation Pond Constriction
-0-
-0-
-0-
Sediment Pond Constriction
33,500
-0-
-0-
Street Signs (5 x 200)
1,000
-0-
-0-
Site Grading and Drainage Improvements
141,500
-0-
-0-
Park and Trail Improvements
-0-
-0-
-0-
Setting Iron Monuments
3,000
-0-
-0-
Design, Administration, Inspection, As-
105,000
-0-
-0-
Bullts
TOTAL
$980,000
$-0-
$-0-
That the letter of credit required for the above items was previously reduced as detailed above to $0 (zero) to
reflect the completed work. Letter of Credit No. 10911 was previously released by the Finance Department.
RESOLUTION NO. 2002-574
SUGAR HILLS 2ND ADDITION (93084)
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. 10909:
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$1,000 $1,000 $ -0-
$20,750 $5,000 $ -0-
FURTHER BE IT RESOLVED that the financial guarantee for the above items be reduced from $1,000 cash
to $0 (zero) with Letter of Credit No. 10909 being reduced from $5,000 to $0 (zero). The required financial
guarantee may be reduced accordingly and will be released by the Finance Department.
Adopted by the City Council on December 17, 2002.