HomeMy WebLinkAboutCity Council Resolution 1998-134RESOLUTION NO. 98 - 134
REDUCING REQUIRED FINANCIAL GUARANTEE
SHORES OF KRAETZ LAKE ADDITION (94135)
WHEREAS, in accordance with the development contract dated January 18, 1995, Abingdon Development
Corporation, developer of Shores of Kraetz Lake Addition (94135), 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 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
$ 119,780
$ -0-
Sanitary Sewer
59,680
-0-
Watermain
48,380
-0-
Storm Sewer
45,430
-0-
Boulevard and Drainage Swale Sod
3,200
1,400
Mitigation Pond Constriction
-0-
-0-
N[-]RP Pond Constriction
6,750
1,000
Street Signs (2 x 200)
400
-0-
Site Grading and Drainage Improvements
61,100
12,220
Park and Trail Improvements
1,450
290
Setting Iron Monuments
2,000
-0-
Design, Administration, Inspection, As-Builts
41,780
1,789
TOTAL
$ 389,950
$ 16,699
That the required financial guarantee for the above items be reduced as detailed above from $45,770 to
$16,699 to reflect the completed work. In this case Bond No. 81049 may be reduced from $68,655 ($45,770
x 150%) to $25,049 ($16,699 x 150%).
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-134W-0 CCR 1998-134 doe
RESOLUTION NO. 98-134
SHORES OF KRAETZ LAKE ADDITION (94135)
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. 28951-A:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $1,000
$13,000 $3,250
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. S197749.
Adopted by the City Council on March 4, 1998.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-134W-0 CCR 1998-134 doe