HomeMy WebLinkAboutCity Council Resolution 2002-575CITY OF PLYMOUTH
RESOLUTION NO. 2002-575
REDUCING REQUIRED FINANCIAL GUARANTEE
SUGAR HILLS 3RD ADDITION (94044)
WHEREAS, in accordance with the development contract dated June 7, 1994, Eugene R. Forbragd, Darlene
R. Forbragd, Martin N. Harstad, and Janice E. Harstad, developers of Sugar Hills 3rd Addition (94044), 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 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 remain as follows:
ITEM
Street Constriction (Excluding City
Projects
308 and 310)
Sanitary Sewer
Watermain (Including costs for difference
between 8" and 12" watermain)
Storm Sewer
Boulevard and Drainage Swale Sod
Mitigation Pond Constriction
Sediment Pond Constriction
Street Signs (4 x 200)
Site Grading and Drainage Improvements
Park and Trail Improvements
Setting Iron Monuments
Design, Administration, Inspection, As-
Bullts
TOTAL
ORIGINAL
CURRENT
NEW
AMOUNT
AMOUNT
AMOUNT
$170,687
$-0-
$-0-
56,169
-0-
-0-
84,735
-0-
-0-
53,617
-0-
-0-
6,800
-0-
-0-
10,000
-0-
-0-
15,000
-0-
-0-
800
-0-
-0-
156,000
-0-
-0-
-0-
-0-
-0-
2,000
-0-
-0-
66,697
-0-
-0-
$622,505
$-0-
$-0-
RESOLUTION NO. 2002-575
SUGAR HILLS 3RD ADDITION (94044)
Page Two
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. 10913 was previously released by the Finance Department.
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. 10912
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$1,000 $1,000 $ -0-
$14,300 $4,000 $ -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. 10912 being reduced from $4,000 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.