HomeMy WebLinkAboutCity Council Resolution 2001-454RESOLUTION NO. 2001-454
REDUCING REQUIRED FINANCIAL GUARANTEE
EVERGREEN KNOLL ADDITION (96041)
WHEREAS, in accordance with the development contract dated November 21, 1996, Fazendin Brothers,
Inc., developer of Evergreen Knoll Addition (96041), 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 $58,237 to
$22,344 to reflect the completed work. Letter of Credit No. 1003 may be reduced accordingly.
C Documents and Settnig,unfiee,eLocal Settmg, TempVC(R 2001-45454-4 CCR 2001-454 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 48,250
$ 9,650
Sanitary Sewer System
28,376
5,675*
Co. Rd. 6 Bypass Lane
3,000
600
Watermain System
33,297
6,659*
Storm Sewer System
34,721
6,944*
Boulevard and Drainage Swale Sod
2,200
2,200
Mitigation Pond Constriction
-0-
-0-
N[-]RP Pond Constriction
3,500
700
Street Signs (1 x 200)
200
200
Site Grading and Drainage Improvements
18,769
6,000
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
600
600
Design, Administration, Inspection, As-Builts
20,750
2,394
TOTAL
$ 193,663
$ 22,344
That the required financial guarantee for the above items be reduced as detailed above from $58,237 to
$22,344 to reflect the completed work. Letter of Credit No. 1003 may be reduced accordingly.
C Documents and Settnig,unfiee,eLocal Settmg, TempVC(R 2001-45454-4 CCR 2001-454 doe
RESOLUTION NO. 2001-454
EVERGREEN KNOLL ADDITION (96041)
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. 114 97:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 6,500 $ 6,500
FURTHER BE IT RESOLVED that the sanitary sewer, watermain, and storm sewer constriction is accepted
for continual maintenance as of October 23, 2001 subject to the two year guarantee by the developer per
Letter of Credit No. 1003 issued by The Business Bank.
* A portion of Letter of Credit No. 1003 in the amount of $19,278 is to be kept in lieu of the required
maintenance bond per the developer's request.
Adopted by the City Council on October 23, 2001.
C Documents and Settnig,unfiee,eLocal Settmg, TempVC(R 2001-45454-4 CCR 2001-454 doe