HomeMy WebLinkAboutCity Council Resolution 1998-016RESOLUTION NO. 98-16
REDUCING REQUIRED FINANCIAL GUARANTEE
ROCKFORD ESTATES ADDITION (93008)
WHEREAS, in accordance with the development contract dated September 30, 1993, Goff Homes, Inc.,
developer of Rockford Estates Addition (93008), 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 letter of credit required for the above items be reduced as detailed above from $44,172 to $32,192 to
reflect the completed work. This amount includes the maintenance guarantee for street constriction. Letter
of Credit No. 11515 may be reduced accordingly.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-01658452 CCR 1998-016 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$116,160
$23,232*
Sanitary Sewer
45,229
-0-
Watermain
60,686
-0-
Storm Sewer
40,313
-0-
Boulevard and Drainage Swale Sod
6,300
3,000
Mitigation Pond Constriction
-0-
-0-
Drainage Pond Constriction
-0-
-0-
Street signs (3 x 200)
600
-0-
Site Grading and Drainage Improvements
63,537
5,000
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
3,000
-0-
Design, Administration, Inspection, As-Builts
40,299
960
TOTAL
$376,124
$32,192
That the letter of credit required for the above items be reduced as detailed above from $44,172 to $32,192 to
reflect the completed work. This amount includes the maintenance guarantee for street constriction. Letter
of Credit No. 11515 may be reduced accordingly.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-01658452 CCR 1998-016 doe
RESOLUTION NO. 98-16
ROCKFORD ESTATES ADDITION (93008)
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. 11513:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $1,000
$20,000 $20,000
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 $20,000 to $5,000. Letter of Credit No. 11513 may be
reduced accordingly.
FURTHER BE IT RESOLVED that the street constriction is accepted for continual maintenance as of
January 7, 1998 subject to the two year guarantee by the developer per Letter of Credit No. 11515 issued by
the Builders Development and Finance Inc.
* A portion of Letter of Credit No. 11515 in the amount of $23,232 is to be kept in lieu of the required
maintenance bond per the developer's request.
Adopted by the City Council on January 7, 1998.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-01658452 CCR 1998-016 doe