HomeMy WebLinkAboutCity Council Resolution 2001-272RESOLUTION NO. 2001-272
REDUCING REQUIRED FINANCIAL GUARANTEE
HOLLY CREEK VILLAGE ADDITION (97011)
WHEREAS, in accordance with the development contract dated April 12, 1998, Town and Country Homes,
Inc., developer of Holly Creek Village Addition (97011), 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 $32,861 to
$21,661 to reflect the completed work. Subdivision Bond No. 121640 in the amount of $49,291 (150% x
$32,861) may be reduced to $32,491 (150% x $21,661).
C Documents and Settnig, anfieese,Local Setting, TempVC(R 2001-2-2_5a591.CCR 2001-2-2 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 143,823
$ -0-
Sanitary Sewer
134,668
-0-
Watermain
128,140
-0-
Storm Sewer
127,607
-0-
Boulevard and Drainage Swale Sod
11,000
2,000
Mitigation Pond Constriction
8,200
8,200
N[ -]RP Pond Constriction
1,050
-0-
Wetland Buffer Posts
7,000
500
Street Signs (4x200)
800
-0-
Site Grading and Drainage Improvements
344,548
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
8,640
8,640
Design, Administration, Inspection, As-Builts
109,857
2,321
TOTAL
$ 1,025,328
$ 21,661
That the required financial guarantee for the above items be reduced as detailed above from $32,861 to
$21,661 to reflect the completed work. Subdivision Bond No. 121640 in the amount of $49,291 (150% x
$32,861) may be reduced to $32,491 (150% x $21,661).
C Documents and Settnig, anfieese,Local Setting, TempVC(R 2001-2-2_5a591.CCR 2001-2-2 doe
RESOLUTION NO. 2001-272
HOLLY CREEK VILLAGE (97011)
Page 2 of 2
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:
Letter of Credit No. SPL36430:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 25,700 $ 15,000
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash with
the required financial guarantee being reduced from $25,700 to $15,000. Letter of Credit No. SPI -3164310
may be reduced accordingly.
Adopted by the City Council on June 26, 2001.
C Documents and Settnig, anfieese,Local Setting, TempVC(R 2001-2-2_5a591.CCR 2001-2-2 doe