HomeMy WebLinkAboutCity Council Resolution 1998-082RESOLUTION NO. 98 - 82
REDUCING REQUIRED FINANCIAL GUARANTEE
THE PONDS AT BASS CREEK 2ND ADDITION (95082)
WHEREAS, in accordance with the development contract dated September 14, 1995, McHunter Co., LLC,
developer of The Ponds at Bass Creek 2nd Addition (95082), 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 $38,433 to
$13,821 to reflect the completed work. Letter of Credit No. 1690 -296 -DI may be reduced accordingly.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-082 W1&CCR 1998-082 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$107,870
$-0-
Sanitary Sewer
60,460
-0-
Watermain
48,826
-0-
Storm Sewer
45,220
-0-
Boulevard and Drainage Swale Sod
5,000
2,500
Mitigation Pond Constriction
7,840
7,840
N[ -]RP Pond Constriction
3,500
-0-
Street Signs (2 x 200)
400
-0-
Site Grading and Drainage Improvements
86,420
2,000
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
1,875
-0-
Design, Administration, Inspection, As-Builts
44,089
1,481
TOTAL
$411,500
$13,821
That the required financial guarantee for the above items be reduced as detailed above from $38,433 to
$13,821 to reflect the completed work. Letter of Credit No. 1690 -296 -DI may be reduced accordingly.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-082 W1&CCR 1998-082 doe
RESOLUTION NO. 98-82
THE PONDS AT BASS CREEK 2ND ADDITION (95082)
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. 1648 -995 -DI:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $1,000
$14,400 $5,000
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 $7,000 to $5,000. Letter of Credit No. 1648 -995 -DI may
be reduced accordingly.
Adopted by the City Council on February 4, 1998
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-082 W1&CCR 1998-082 doe