HomeMy WebLinkAboutCity Council Resolution 2001-422RESOLUTION NO. 2001-422
REDUCING REQUIRED FINANCIAL GUARANTEE
PLYMOUTH PONDS BUSINESS PARK ADDITION (95005)
WHEREAS, in accordance with the development contract dated June 20, 1995, Plymouth Ponds Limited
Liability Company, developer of Plymouth Ponds Business Park Addition (95005), 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 remain as detailed above in the amount of $9,520 to
reflect the completed work. This amount includes the maintenance guarantee for the wetland mitigation site.
Letter of Credit No. 1674 will remain as detailed above.
C:\Documents and Settings\mfreese\Local Settings\Temp\CCR 2001-422_54742\CCR 2001-422.doc
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$37,775
$-0-
Co. Rd. 24 Right In/Right Out
21,000
-0-
Sanitary Sewer
51,717
-0-
Watermain
33,620
-0-
Storm Sewer
9,644
-0-
Boulevard and Drainage Swale Sod
900
-0-
Drainage Pond Constriction
7,975
-0-
Mitigation Pond Constriction
8,500
8,500
Sediment Pond Constriction
-0-
-0-
Street Signs (1 x 200)
200
-0-
Site Grading and Drainage Improvements
34,290
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
550
-0-
Design, Administration, Inspection, As-Builts
24,741
1,020
TOTAL
$230,912
$9,520
That the required financial guarantee for the above items remain as detailed above in the amount of $9,520 to
reflect the completed work. This amount includes the maintenance guarantee for the wetland mitigation site.
Letter of Credit No. 1674 will remain as detailed above.
C:\Documents and Settings\mfreese\Local Settings\Temp\CCR 2001-422_54742\CCR 2001-422.doc
RESOLUTION NO. 2001-422
PLYMOUTH PONDS BUSINESS PARK ADDITION (95005)
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:
Letter of Credit Nos. 1675:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $-0-
$45,500 $-0-
FURTHER BE IT RESOLVED that the financial guarantee for the above items be reduced from $1,000 to $0
(zero) with the required financial guarantee being reduced from $2,000 to $0 (zero). The financial guarantee
will be released by the Finance Department and Letter of Credit No. 1675 may be reduced accordingly.
Adopted by the City Council on October 9, 2001.
C:\Documents and Settings\mfreese\Local Settings\Temp\CCR 2001-422_54742\CCR 2001-422.doc