HomeMy WebLinkAboutCity Council Resolution 1998-135RESOLUTION NO. 98 - 135
REDUCING REQUIRED FINANCIAL GUARANTEE
ROCKFORD GLEN ADDITION (94155)
WHEREAS, in accordance with the development contract dated August 8, 1995, Janco, Inc. and Rottlund
Company, Inc. and Arnold J. Wentland and Janet E. Wentland, developers of Rockford Glen Addition
(94155), 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
$240,000
$ -0-
(excluding City Proj. No's 502 & 503)
Sanitary Sewer
226,000
-0-
(excluding City Proj. No's 502 & 503)
Watermain
226,000
-0-
(excluding City Proj. No's 502 & 503)
Storm Sewer
133,750
-0-
Boulevard and Drainage Swale Sod
12,400
1,100
Mitigation Pond Constriction
18,000
18,000
N[ -]RP Pond Constriction
14,000
2,800
Street Signs (6 x 200)
1,200
-0-
Site Grading and Drainage Improvements
357,000
2,000
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
6,650
4,620
Design, Administration, Inspection, As-Builts
148,200
23,240
TOTAL
$1,383,200
$51,760
That the required financial guarantee for the above items be reduced as detailed above from $216,910 to
$51,760 to reflect the completed work. In this case bonds were submitted for the financial guarantee. Bond
Nos. 86541 and 86549 may be reduced to a total of $77,640 ($51,760 x 150% = $77,640).
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-135W-1 CCR 1998-135 doe
RESOLUTION NO. 98-135
ROCKFORD GLEN ADDITION (94155)
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:
Cash in lieu of a letter of credit:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $1,000
$30,050 $10,000
FURTHER BE IT RESOLVED that the sanitary sewer, watermain, and storm sewer constriction is accepted
for continual maintenance as of March 4, 1998 subject to the two year guarantee by the Developer per
Maintenance Bond No. 54080635 issued by United Fire and Casualty Company.
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. 54080635
issued by United Fire and Casualty Company.
Adopted by the City Council on March 4, 1998.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-135W-1 CCR 1998-135 doe