HomeMy WebLinkAboutCity Council Resolution 2001-137RESOLUTION NO. 2001-137
REDUCING REQUIRED FINANCIAL GUARANTEE
THE VILLAGE AT BASSETT CREEK (97080)
WHEREAS, in accordance with the development contract dated September 3, 1998, The Rottlund Company,
Inc., developer of The Village At Bassett Creek (97080), 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, in this case a bond, be reduced as detailed above
from $302,729 ($201,819 x 150%) to $242,602 ($161,735 x 150%) to reflect the completed work.
C Documents and Settnig,anfieese,Local Setting, TempVCCR ?001-13- 54394 CCR ?001-132.doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 92,278
$ -0-
Sanitary Sewer
25,229
-0-
Watermain
27,597
-0-
Storm Sewer
33,845
-0-
Boulevard and Drainage Swale Sod
5,400
-0-
Mitigation Pond Constriction
117,906
117,906
N[ -]RP Pond Constriction
48,776
-0-
Street Signs (3 x 200)
600
-0-
Site Grading and Drainage Improvements
1,754,318
25,000
Park and Trail Improvements
8,262
-0-
Setting Iron Monuments
1,500
1,500
Design, Administration, Inspection, As-Builts
253,885
17,329
TOTAL
$ 2,369,596
$ 161,735
That the required financial guarantee for the above items, in this case a bond, be reduced as detailed above
from $302,729 ($201,819 x 150%) to $242,602 ($161,735 x 150%) to reflect the completed work.
C Documents and Settnig,anfieese,Local Setting, TempVCCR ?001-13- 54394 CCR ?001-132.doe
RESOLUTION NO. 2001-137
THE VILLAGE AT BASSETT CREEK (97080)
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. 475:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 17,500 $ 10,000
FURTHER BE IT RESOLVED that the sanitary sewer, watermain and storm sewer and street constriction is
accepted for continual maintenance as of March 27, 2001 subject to the two year guarantee by the Developer
per the Maintenance Bond No. SE0792.
FURTHER BE IT RESOLVED that the street constriction is accepted for continual maintenance as of
March 27, 2001 subject to the one year guarantee by the Developer per the Maintenance Bond No. SE0793.
Adopted by the City Council on March 27, 2001.
C Documents and Settnig,anfieese,Local Setting, TempVCCR ?001-13- 54394 CCR ?001-132.doe