HomeMy WebLinkAboutCity Council Resolution 2001-490RESOLUTION NO. 2001-490
REDUCING REQUIRED FINANCIAL GUARANTEE
PLUM TREE EAST 7TH ADDITION (2001016)
WHEREAS, in accordance with the development contract dated April 11, 2001, Lundgren Bros.
Constriction, Inc., developer of Plum Tree East 7"' Addition (2001016), 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 $283,830 to
$46,726 to reflect the completed work. Letter of Credit No. FGAC-01178 may be reduced accordingly.
C Documents and Settnig,unfiee,eLocal Settmg, TempVCCR ?001-490 4866 CCR 2001-490 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 83,000
$ 16,600
Sanitary Sewer
41,900
-0-
Watermain
48,700
-0-
Storm Sewer
54,700
-0-
Boulevard and Drainage Swale Sod
4,800
4,800
Mitigation Pond Constriction
-0-
-0-
N [-]RP Pond Constriction
-0-
-0-
No Parking Signs (1 x $60)
420
420
Street Signs (1 x 200)
200
200
Site Grading and Drainage Improvements
-0-
-0-
Park and Trail Improvements
17,100
17,100
Setting Iron Monuments
2,600
2,600
Design, Administration, Inspection, As-Builts
30,410
5,006
TOTAL
$ 283,830
$ 46,726
That the required financial guarantee for the above items be reduced as detailed above from $283,830 to
$46,726 to reflect the completed work. Letter of Credit No. FGAC-01178 may be reduced accordingly.
C Documents and Settnig,unfiee,eLocal Settmg, TempVCCR ?001-490 4866 CCR 2001-490 doe
RESOLUTION NO. 2001-490
PLUM TREE EAST 7TH ADDITION (2001016)
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 (Financial guarantee requirements are
included in Plum Tree East 4"' Addition (20045))
Cash:
Financial Guarantee:
ORIGINAL NEW
AMOUNT AMOUNT
$ -0- $-0-
$-0-
-0-
$-0- $ -0-
FURTHER BE IT RESOLVED that the sanitary sewer, watermain, and storm sewer constriction is accepted
for continual maintenance as of November 13, 2001 subject to the two year guarantee by the Developer per
Maintenance Bond No. 54-123322 issued by United Fire and Casualty Company.
Adopted by the City Council on November 13, 2001.
C Documents and Settnig,unfiee,eLocal Settmg, TempVCCR ?001-490 4866 CCR 2001-490 doe