HomeMy WebLinkAboutCity Council Resolution 1998-040RESOLUTION NO. 98 - 40
REDUCING REQUIRED FINANCIAL GUARANTEE
HICKORY HILLS ADDITION (94091)
WHEREAS, in accordance with the development contract dated September 27, 1994, Prime Builders,
developer of Hickory Hills Addition (94091), 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 development bond 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:
ITEM
ORIGINAL
NEW
AMOUNT
AMOUNT
Street Constriction
$51,370
$-0-
Sanitary Sewer
-0-
-0-
Watermain
23,920
-0-
Storm Sewer
-0-
-0-
Boulevard and Drainage Swale Sod
3,800
-0-
Mitigation Pond Constriction
3,000
-0-
Sediment Pond Constriction
-0-
-0-
Street Signs (1 x 200)
200
-0-
Site Grading and Drainage Improvements
110,400
-0-
Park and Trail Improvements
11,648
-0-
Setting Iron Monuments
-0-
-0-
Design, Administration, Inspection, As-Builts
24,521
-0-
TOTAL
$228,859
$-0-
That the required financial guarantee for the above items was previously reduced as detailed above to $0
(zero) to reflect the completed work.
( `.ADocuments and Settnig,,esvigeiLocal Settmg, TempVC(R 1998-040584-6 CCR 1998-040 doe
RESOLUTION NO. 98-40
HICKORY HILLS ADDITION (94091)
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. 1506-9410C:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $-0-
$28,745 $-0-
FURTHER BE IT RESOLVED that the financial guarantee for the above items be reduced from $1,000 cash
to $0 (zero) and be released by the Finance Department. Letter of Credit No. 1506-9410C was previously
reduced to $0 (zero)
Adopted by the City Council on January 21, 1998.
( `.ADocuments and Settnig,,esvigeiLocal Settmg, TempVC(R 1998-040584-6 CCR 1998-040 doe