HomeMy WebLinkAboutCity Council Resolution 2001-507CITY OF PLYMOUTH
RESOLUTION NO. 2001-507
REDUCING REQUIRED FINANCIAL GUARANTEE
THE VILLAGE AT BASSETT CREEK (97080)
WHEREAS, in accordance with the development contract dated September 3, 1998, The Rottlund Company,
Inc., developer of The Village At Bassett Creek (97080), 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 remain as follows:
That the required financial guarantee for the above items, in this case a bond, remain as detailed above at
$242,602 ($161,735 x 150%) to reflect the completed work.
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ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 92,278
$ -0-
Sanitary Sewer
25,229
-0-
Watermain
27,597
-0-
Storm Sewer
33,845
-0-
Boulevard and Drainage Swale Sod
5,400
-0-
Mitigation Pond Constriction
117,906
117,906
N[_]RP Pond Constriction
48,776
-0-
Street Signs (3 x 200)
600
-0-
Site Grading and Drainage Improvements
1,754,318
25,000
Park and Trail Improvements
8,262
-0-
Setting Iron Monuments
1,500
1,500
Design, Administration, Inspection, As-Builts
253,885
17,329
TOTAL
$ 2,369,596
$ 161,735
That the required financial guarantee for the above items, in this case a bond, remain as detailed above at
$242,602 ($161,735 x 150%) to reflect the completed work.
('.AUocnmeaits acid Settuig, anfieese,Local Setting, TempVC('R ?11111 -?0 54883CCR 2001 5UZ.doc
RESOLUTION NO. 2001-507
THE VILLAGE AT BASSETT CREEK (97080)
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 No. 475:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 17,500 $ 2,000
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash with
the required financial guarantee being reduced from $10,000 to $2,000. Letter of Credit No. 475 may be
reduced accordingly.
Adopted by the City Council on November 27, 2001.
('.AUocnmeaits acid Settuig, anfieese,Local Setting, TempVC('R ?11111 -?0 54883CCR 2001 5UZ.doc