HomeMy WebLinkAboutCity Council Resolution 1998-131RESOLUTION NO. 98 - 131
REDUCING REQUIRED FINANCIAL GUARANTEE
HOLLY CREEK 2ND ADDITION (93096)
WHEREAS, in accordance with the development contract dated September 20, 1993, Scherber Partnership
Properties, developer of Holly Creek 2nd Addition (93096), 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:
ITEM
ORIGINAL
NEW
AMOUNT
AMOUNT
Street Constriction
$37,455
$7,490
Sanitary Sewer
53,220
-0-
Watermain
52,519
-0-
Storm Sewer
28,327
-0-
Boulevard and Drainage Swale Sod
6,000
400
Mitigation Pond Constriction
39,600
-0-
Street Signs (2 x 200)
400
-0-
Site Grading and Drainage Improvements
132,610
-0-
Park and Trail Improvements
13,260
1,326
Setting Iron Monuments
2,500
-0-
Design, Administration, Inspection, As-Builts
43,907
1,106
TOTAL
$409,798
$10,322
That the required financial guarantee for the above items be reduced as detailed above from $11,890 to
$10,322 to reflect the completed work. Letter of Credit No. 624460 may be reduced accordingly.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-131 8W CCR 1998-131 doe
RESOLUTION NO. 98-131
HOLLY CREEK 2ND ADDITION (93096)
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 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. 624478: $13,744 $13,744
Adopted by the City Council on March 4, 1998.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-131 8W CCR 1998-131 doe