HomeMy WebLinkAboutCity Council Resolution 1998-130RESOLUTION NO. 98 - 130
REDUCING REQUIRED FINANCIAL GUARANTEE
HOLLY CREEK ADDITION (91106)
WHEREAS, in accordance with the development contract dated April 1, 1992, Scherber Partnership
Properties, developer of Holly Creek Addition (91106), 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 bonding requirements are reduced as follows:
ITEM
ORIGINAL
NEW
AMOUNT
AMOUNT
Street Constriction (Excluding C.R. 9 bypass
$58,500
$ -0-
lane and C.R. 9 C & G)
Sanitary Sewer
37,700
-0-
Watermain
29,600
-0-
Storm Sewer
15,800
-0-
Boulevard and Drainage Swale Sod
3,200
-0-
Mitigation Pond Constriction
10,000
-0-
Street Signs (2 x 150)
300
-0-
Site Grading and Drainage Improvements
39,300
-0-
Park and Trail Improvements
-0-
-0-
Design, Administration, Inspection, As-Builts
22,248
-0-
TOTAL
$207,648
$-0-
That the letter of credit required for the above items be reduced as detailed above from $3,024 to $0 (zero) to
reflect the completed work. Letter of Credit No. 624452 may be reduced accordingly and will be released by
the Finance Department.
( `.ADocuments and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-130W66 CCR 1998-130 doe
RESOLUTION NO. 98-130
HOLLY CREEK ADDITION (91106)
Page Two
FURTHER BE IT RESOLVED that the bonding requirements for the following items per Section 8.1 of the
approved development contract remain as follows:
ITEM ORIGINAL NEW
AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash: $ 1,000 $1,000
Letter of Credit No. 624445: $15,200 $1,900
Adopted by the City Council on March 4, 1998.
( `.ADocuments and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-130W66 CCR 1998-130 doe