HomeMy WebLinkAboutCity Council Resolution 2001-418RESOLUTION NO. 2001-418
REDUCING REQUIRED FINANCIAL GUARANTEE
FERNBROOK WOODS 2ND ADDITION (94018)
WHEREAS, in accordance with the development contract dated February 24, 1995, Marvin H. Anderson
Constriction, developer of Fernbrook Woods 2nd Addition (94018), 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 development bond 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:
ITEM
ORIGINAL
NEW
AMOUNT
AMOUNT
Street Constriction (Does not include
$93,500
$-0-
City Proj. No. 213)
Sanitary Sewer
65,200
-0-
Watermain
50,500
-0-
Storm Sewer
66,200
-0-
Boulevard and Drainage Swale Sod
6,800
-0-
Mitigation Pond Constriction
-0-
-0-
Sediment Pond Constriction
10,000
-0-
Street Signs (3 x 200)
600
-0-
Site Grading and Drainage Improvements
165,000
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
2,000
-0-
Design, Administration, Inspection, As-Builts
55,176
-0-
TOTAL
$514,976
$-0-
That the Financial Guarantee required for the above items be reduced as detailed above from $2,240 to $0
(zero) to reflect the completed work. The required Financial Guarantee in this case cash may be reduced
accordingly.
C:\Documents and Settings\mfreese\Local Settings\Temp\CCR 2001-418_54738\CCR 2001-418.doc
RESOLUTION NO. 2001-418
FERNBROOK WOODS 2ND ADDITION (94018)
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 (includes Fernbrook Woods
_3 Addition)
Cash:
Cash in lieu of Letter of Credit:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $1,000
$21,500 $-0-
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash with
the cash in lieu of a letter of credit being reduced from $5,000 to $0 (zero). The financial guarantee may be
reduced accordingly.
Adopted by the City Council on October 9, 2001.
C:\Documents and Settings\mfreese\Local Settings\Temp\CCR 2001-418_54738\CCR 2001-418.doc