HomeMy WebLinkAboutCity Council Resolution 1998-132RESOLUTION NO. 98 - 132
REDUCING REQUIRED FINANCIAL GUARANTEE
ORCHARDS OF PLYMOUTH ADDITION (94050)
WHEREAS, in accordance with the development contract dated November 9, 1994, ABINGDON
Development Corporation, developer of Orchards of Plymouth Addition (94050), has agreed to install certain
improvements for said development; and
WHEREAS, the developer has completed 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
$65,000
$-0-
Sanitary Sewer
90,200
-0-
Lift Station & Force Main
140,000
-0-
Watermain
47,625
-0-
Storm Sewer
25,000
-0-
Boulevard and Drainage Swale Sod
4,000
1,200
Mitigation Pond Constriction
-0-
-0-
N[-]RP Pond Constriction
4,928
-0-
Street Signs (2 x 200)
400
-0-
Site Grading and Drainage Improvements
65,072
2,000
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
1,500
1,500
Design, Administration, Inspection, As-Builts
53,247
564
TOTAL
$496,972
$5,264
That the required financial guarantee for the above items be reduced as detailed above from $19,824 to
$5,264 to reflect the completed work. Subdivision Bond No. 81111 in the amount of $29,736 ($19,824 x
150%) as the required financial guarantee may be reduced to $7,896 ($5,264 x 150%).
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-132W68 CCR 1998-132 doe
RESOLUTION NO. 98-132
ORCHARDS OF PLYMOUTH ADDITION (94050)
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
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 28765-13:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $1,000
$10,000 $5,000
FURTHER BE IT RESOLVED that the street constriction is accepted for continual maintenance as of
March 4, 1998 subject to the one year guarantee by the Developer per Maintenance Bond No. S1953174.
Adopted by the City Council on March 4, 1998.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-132W68 CCR 1998-132 doe