HomeMy WebLinkAboutCity Council Resolution 2002-577CITY OF PLYMOUTH
RESOLUTION NO. 2002-577
REDUCING REQUIRED FINANCIAL GUARANTEE
FORSTER PRESERVE PLAT 4 (99093)
WHEREAS, in accordance with the development contract dated January 19, 2000, JANCO, Inc., developer
of Forster Preserve Plat 4 (99093), 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 $225,923 to
$29,044 to reflect the completed work. Subdivision Bond No. 154951 may be reduced from $338,885
($225,923 x 150%) to $43,566 ($29,044 x 150%).
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Constriction
$ 55,994
$ 55,994
$ -0-
Sanitary Sewer
30,787
30,787
-0-
Watermain
20,982
20,982
-0-
Storm Sewer
21,894
21,894
-0-
Boulevard and Drainage Swale Sod
3,000
3,000
3,000
Mitigation Pond Constriction
-0-
-0-
-0-
N[_]RP Pond Constriction
9,200
9,200
9,200
Street Signs (1 x 200)
200
200
200
Park and Trail Improvements
-0-
-0-
-0-
Site Grading and Drainage Improvements
60,160
60,160
12,032
Setting Iron Monuments
1,500
1,500
1,500
Design, Administration, Inspection, As-Builts
24,206
24,206
3,112
TOTAL
$ 225,923
$ 225,923
$ 29,044
That the required financial guarantee for the above items be reduced as detailed above from $225,923 to
$29,044 to reflect the completed work. Subdivision Bond No. 154951 may be reduced from $338,885
($225,923 x 150%) to $43,566 ($29,044 x 150%).
RESOLUTION NO. 2002-577
FORSTER PRESERVE PLAT 4 (99093)
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. 121599:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 11,000 $ 11,000
FURTHER BE IT RESOLVED that the street constriction is accepted for continual maintenance as of
December 17, 2002 subject to the one-year guarantee by the Developer per Maintenance Bond No.
54-133220 issued by United Fire & Casualty Company.
FURTHER BE IT RESOLVED that the sanitary sewer, watermain, and storm sewer constriction is accepted
for continual maintenance as of December 17, 2002 subject to the two year guarantee by the Developer per
Maintenance Bond No. 54-133221 issued by United Fire & Casualty Company.
Adopted by the City Council on December 17, 2002.