HomeMy WebLinkAboutCity Council Resolution 2002-580CITY OF PLYMOUTH
RESOLUTION NO. 2002-580
REDUCING REQUIRED FINANCIAL GUARANTEE
FORSTER PRESERVE PLAT 5 (2001111)
WHEREAS, in accordance with the development contract dated January 19, 2000, JANCO, Inc., developer
of Forster Preserve Plat 5 (2001111), 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 $232,458 to
$31,360 to reflect the completed work. Subdivision Bond No. B21846867 may be reduced from $348,687
($232,458 x 150%) to $47,040 ($31,360 x 150%).
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Constriction
$ 49,425
$ 49,425
$ -0-
Sanitary Sewer
15,866
15,866
-0-
Watermain
18,261
18,261
-0-
Storm Sewer
-0-
-0-
-0-
Boulevard and Drainage Swale Sod
1,800
1,800
1,800
Mitigation Pond Constriction
-0-
-0-
-0-
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
120,000
120,000
24,000
Setting Iron Monuments
2,000
2,000
2,000
Design, Administration, Inspection, As-Builts
24,906
24,906
3,360
TOTAL
$ 232,458
$ 232,458
$ 31,360
That the required financial guarantee for the above items be reduced as detailed above from $232,458 to
$31,360 to reflect the completed work. Subdivision Bond No. B21846867 may be reduced from $348,687
($232,458 x 150%) to $47,040 ($31,360 x 150%).
RESOLUTION NO. 2002-580
FORSTER PRESERVE PLAT 5 (2001111)
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. 110101:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 4,100 $ 4,100
FURTHER BE IT RESOLVED that the street constriction is accepted for continual maintenance as of
December 17, 2002 subject to the two-year guarantee by the Developer per Maintenance Bond No.
54-133223 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. 54-133222 issued by United Fire & Casualty Company.
Adopted by the City Council on December 17, 2002.