HomeMy WebLinkAboutCity Council Resolution 2002-579CITY OF PLYMOUTH
RESOLUTION NO. 2002-579
REDUCING REQUIRED FINANCIAL GUARANTEE
WELLSWOOD COURT (2001076)
WHEREAS, in accordance with the development contract dated October 4, 2001, JANCO, Inc., developer of
Wellswood Court (2001076), 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:
NEW
AMOUNT
11,828
-0-
-0-
-0-
1,800
-0-
-0-
200
-0-
22,000
700
4,383
$ 40,911
That the required financial guarantee for the above items be reduced as detailed above from $294,853 to
$40,911 to reflect the completed work. Subdivision Bond No. B21846809 may be reduced from $442,280
($294,853 x 150%) to $61,367 ($40,911 x 150%).
ORIGINAL
CURRENT
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 59,139
$ 59,139
Sanitary Sewer
19,747
19,747
Watermain
22,818
22,818
Storm Sewer
43,858
43,858
Boulevard and Drainage Swale Sod
1,800
1,800
Mitigation Pond Constriction
-0-
-0-
N[_]RP Pond Constriction
5,000
5,000
Street Signs (I x 200)
200
200
Park and Trail Improvements
-0-
-0-
Site Grading and Drainage Improvements
110,000
110,000
Setting Iron Monuments
700
700
Design, Administration, Inspection, As-Builts
31,591
31,591
TOTAL
$ 294,853
$ 294,853
NEW
AMOUNT
11,828
-0-
-0-
-0-
1,800
-0-
-0-
200
-0-
22,000
700
4,383
$ 40,911
That the required financial guarantee for the above items be reduced as detailed above from $294,853 to
$40,911 to reflect the completed work. Subdivision Bond No. B21846809 may be reduced from $442,280
($294,853 x 150%) to $61,367 ($40,911 x 150%).
RESOLUTION NO. 2002-579
WELLSWOOD COURT (2001076)
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. 101801:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 4,400 $ 4,400
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. 54-133224 issued by United Fire & Casualty Company.
Adopted by the City Council on December 17, 2002.