HomeMy WebLinkAboutCity Council Resolution 2001-017RESOLUTION NO. 2001-017
REDUCING REQUIRED FINANCIAL GUARANTEE
CORNERSTONE COMMONS ADDITION (98094)
WHEREAS, in accordance with the development contract dated November 30, 1998, Elim Care Foundation
and Rottland Company Inc., developers of Cornerstone Commons Addition (98094), have 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 $628,146 to
$561,011 to reflect the completed work. Subdivision Bond Numbers 137194 and 136007 may be reduced
from $358,043 ($238,695 x 150%) and $584,176 ($389,451 x 150%) to $319,776 ($213,184 x 150%) and
$521,740 ($347,827 x 150%) respectively.
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ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 320,564
$ 64,113
Sanitary Sewer
152,461
30,492
Watermain
119,017
23, 803
Storm Sewer
226,813
45,363
Boulevard and Drainage Swale Sod
10,400
5,200
Wetland Enhancement
244,437
100,000
Mitigation Pond Constriction
96,917
96,917
Weir Stricture at Highway 455
25,000
25,000
N[_]RP Pond Constriction
44,682
6,765
Street Signs (3 x 200)
600
-0-
Site Grading and Drainage Improvements
673,712
100,000
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
3,250
3,250
Design, Administration, Inspection, As-Builts
230,142
60,108
TOTAL
$ 2,147,995
$ 561,011
That the required financial guarantee for the above items be reduced as detailed above from $628,146 to
$561,011 to reflect the completed work. Subdivision Bond Numbers 137194 and 136007 may be reduced
from $358,043 ($238,695 x 150%) and $584,176 ($389,451 x 150%) to $319,776 ($213,184 x 150%) and
$521,740 ($347,827 x 150%) respectively.
('.AUocnmeaits acid Settuig, anfieese,Local Setting, TempVC('R ?11111-01 _54240,CCR 2001 01Zdoc
RESOLUTION NO. 2001-017
CORNERSTONE COMMONS ADDITION (98094)
Page Two
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:
Letters of Credit Nos. 1332 and 504:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 95,000 $ 60,000
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash and a
separate financial guarantee reduced from $80,000 to $60,000. Letters of Credit Nos. 1332 and 504 may be
reduced from $30,400 and $49,600 to $22,800 and $37,200 respectively.
Adopted by the City Council on January 9, 2001.
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