HomeMy WebLinkAboutCity Council Resolution 2002-578CITY OF PLYMOUTH
RESOLUTION NO. 2002-578
REDUCING REQUIRED FINANCIAL GUARANTEE
PAULAS PLACE (2001017)
WHEREAS, in accordance with the development contract dated July 10, 2002, Three Star Tricking,
developer of Paulas Place (2001017), 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 $265,116 to
$83,817 to reflect the completed work. The Financial Guarantee may be reduced accordingly.
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Constriction
$ 74,965
$ 74,965
$ 14,993
Sanitary Sewer
34,687
34,687
6,937
Watermain
26,720
26,720
5,344
Storm Sewer
24,024
24,024
4,805
Boulevard and Drainage Swale Sod
1,500
1,500
1,500
Pond Constriction
-0-
-0-
-0-
Mitigation Pond Constriction
4,500
4,500
4,500
N [_]RP Pond Constriction
-0-
-0-
-0-
Street Signs (1 x 200)
200
200
200
Park and Trail Improvements
-0-
-0-
-0-
Site Grading and Drainage Improvements
67,115
67,115
33,558
Setting Iron Monuments
3,000
3,000
3,000
Design, Administration, Inspection, As-Builts
28,405
28,405
8,980
TOTAL
$ 265,116
$ 265,116
$ 83,817
That the required financial guarantee for the above items be reduced as detailed above from $265,116 to
$83,817 to reflect the completed work. The Financial Guarantee may be reduced accordingly.
RESOLUTION NO. 2002-578
PAULAS PLACE (2001017)
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:
ORIGINAL NEW
ITEM AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash: $ 1,000 $ 1,000
Letter of Credit No. 2002-3: $ 4,250 $ 4,250
Adopted by the City Council on December 17, 2002.