HomeMy WebLinkAboutCity Council Resolution 1998-133RESOLUTION NO. 98 - 133
REDUCING REQUIRED FINANCIAL GUARANTEE
HOLLY CREEK 3RD ADDITION (94124)
WHEREAS, in accordance with the development contract dated November 7, 1994, Scherber Partnership
Properties, developer of Holly Creek 3rd Addition (94124), 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
$70,778
$14,156
Sanitary Sewer
54,284
5,428
Watermain
48,490
4,849
Storm Sewer
39,935
399
Boulevard and Drainage Swale Sod
4,800
2,000
Mitigation Pond Constriction
-0-
-0-
Sediment Pond Constriction
-0-
-0-
Street Signs (2 x 200)
400
-0-
Site Grading and Drainage Improvements
64,690
-0-
Park and Trail Improvements
6,750
675
Setting Iron Monuments
2,400
2,400
Design, Administration, Inspection, As-Builts
35,103
3,589
TOTAL
$327,630
$33,496
That the required financial guarantee for the above items be reduced as detailed above from $44,325 to
$33,496 to reflect the completed work. Letter of Credit No. 624486 may be reduced accordingly.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-133W69 CCR 1998-133 doe
RESOLUTION NO. 98-133
HOLLY CREEK 3RD ADDITION (94124)
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. 624494: $9,500 $9,500
Adopted by the City Council on March 4, 1998.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-133W69 CCR 1998-133 doe