HomeMy WebLinkAboutCity Council Resolution 1998-018RESOLUTION NO. 98 - 18
REDUCING REQUIRED FINANCIAL GUARANTEE
ORCHARDS OF PLYMOUTH 2ND ADDITION (96093)
WHEREAS, in accordance with the development contract dated August 8, 1996, Abingdon Development
Corporation, developer of Orchards of Plymouth 2"a Addition (96093), 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 $16,464 to
$12,432 to reflect the completed work. Subdivision Bond No. 96974 originally provided in the amount of
$24,696 ($16,464 x 150%) as the required financial guarantee may be reduced to $18,648 ($12,432 x 150%)
( `.ADocuments and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-01858454 CCR 1998-018 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 18,000
$ -0-
Sanitary Sewer
7,000
-0-
Watermain
8,500
-0-
Storm Sewer
-0-
-0-
Boulevard and Drainage Swale Sod
1,000
600
Mitigation Pond Constriction
-0-
-0-
N [-]RP Pond Constriction
-0-
-0-
Street Signs (0 x 200)
-0-
-0-
Site Grading and Drainage Improvements
33,000
10,000
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
500
500
Design, Administration, Inspection, As-Builts
8,256
1,332
TOTAL
$ 77,056
$ 12,432
That the required financial guarantee for the above items be reduced as detailed above from $16,464 to
$12,432 to reflect the completed work. Subdivision Bond No. 96974 originally provided in the amount of
$24,696 ($16,464 x 150%) as the required financial guarantee may be reduced to $18,648 ($12,432 x 150%)
( `.ADocuments and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-01858454 CCR 1998-018 doe
RESOLUTION NO. 98-18
ORCHARDS OF PLYMOUTH 2ND ADDITION (96093)
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. 28765-E:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 600 $ -0-
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 Maintenance Bond No. 116322
issued by Frontier Insurance Company.
Adopted by the City Council on January 7, 1998.
( `.ADocuments and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-01858454 CCR 1998-018 doe