HomeMy WebLinkAboutCity Council Resolution 2001-455RESOLUTION NO. 2001-455
REDUCING REQUIRED FINANCIAL GUARANTEE
THE RESERVE (20092)
WHEREAS, in accordance with the development contract dated July 11, 2001, Rottlund Company, Inc.,
developer of The Reserve (20092), 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 $7,847,008
($5,231,339 x 150%) to $4,713,410 ($3,142,273 x 150%) to reflect the completed work. The Subdivision
Bond No. 929219076 may be reduced accordingly.
C Documents and Settnig,unfiee,eLocal Settmg, TempVCCR 2001-45554-5 CCR 2001-455 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 1,004,392
$ 984,304
Sanitary Sewer
437,289
196,780
Watermain
484,539
218,042
Storm Sewer
748,676
353,104
Boulevard and Drainage Swale Sod
15,800
15,800
Mitigation Pond Constriction
52,500
52,500
N[ -]RP Pond Constriction
52,500
5,250
Rain Garden
16,400
16,400
Street Signs (8 x 200)
1,600
1,600
Site Grading and Drainage Improvements
1,790,642
895,321
Park and Trail Improvements
57,000
57,000
Setting Iron Monuments
9,500
9,500
Design, Administration, Inspection, As-Builts
560,501
336,672
TOTAL
$ 5,231,339
$3,142,273
That the required financial guarantee for the above items be reduced as detailed above from $7,847,008
($5,231,339 x 150%) to $4,713,410 ($3,142,273 x 150%) to reflect the completed work. The Subdivision
Bond No. 929219076 may be reduced accordingly.
C Documents and Settnig,unfiee,eLocal Settmg, TempVCCR 2001-45554-5 CCR 2001-455 doe
RESOLUTION NO. 2001-455
THE RESERVE (20092)
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:
ORIGINAL NEW
ITEM AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning (see Grading Permit for Financial
Guarantee Requirements)
Cash: $ -0- $ -0-
Financial Guarantee: $ -0- $ -0-
Adopted by the City Council on October 23, 2001.
C Documents and Settnig,unfiee,eLocal Settmg, TempVCCR 2001-45554-5 CCR 2001-455 doe