HomeMy WebLinkAboutCity Council Resolution 1998-041RESOLUTION NO. 98 - 41
REDUCING REQUIRED FINANCIAL GUARANTEE
BASS LAKE ESTATES 3RD ADDITION (95065)
WHEREAS, in accordance with the development contract dated July 31, 1995, Prime Builders, Inc.,
developer of Bass Lake Estates 3rd Addition (95065), 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 $5,936 to $0
(zero) to reflect the completed work. Letter of Credit No. 1738 -995 -DI may be reduced accordingly and will
be released by the Finance Department.
C Documents and Settnig,,esvigeiLocal Settmg, TempVC(R 1998-041584-- CCR 1998-041 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$22,890
$-0-
Sanitary Sewer
11,583
-0-
Watermain
25,108
-0-
Storm Sewer
-0-
-0-
Boulevard and Drainage Swale Sod
2,400
-0-
Mitigation Pond Constriction
-0-
-0-
Sediment Pond Constriction
-0-
-0-
Street Signs (1 x 200)
200
-0-
Site Grading and Drainage Improvements
8,500
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
1,000
-0-
Design, Administration, Inspection, As-Builts
8,602
-0-
TOTAL
$80,283
$ -0-
That the required financial guarantee for the above items be reduced as detailed above from $5,936 to $0
(zero) to reflect the completed work. Letter of Credit No. 1738 -995 -DI may be reduced accordingly and will
be released by the Finance Department.
C Documents and Settnig,,esvigeiLocal Settmg, TempVC(R 1998-041584-- CCR 1998-041 doe
RESOLUTION NO. 98-41
BASS LAKE ESTATES 3RD ADDITION (95065)
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. 1738 -995 -LS:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $1,000
$8,300 $3,900
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 $8,300 to $3,900. Letter of Credit No. 1738 -995 -LS may
be reduced accordingly.
Adopted by the City Council on January 21, 1998.
C Documents and Settnig,,esvigeiLocal Settmg, TempVC(R 1998-041584-- CCR 1998-041 doe