HomeMy WebLinkAboutCity Council Resolution 1998-136RESOLUTION NO. 98 - 136
REDUCING REQUIRED FINANCIAL GUARANTEE
HOLLY CREEK 4TH ADDITION (95027)
WHEREAS, in accordance with the development contract dated November 21, 1995, Scherber Partnership
Properties, developer of Holly Creek 4"' Addition (95027), 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:
That the required financial guarantee for the above items be reduced as detailed above from $87,731 to
$22,029 to reflect the completed work. Letter of credit No. 626234 may be reduced accordingly.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-136W-2 CCR 1998-136 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 17,009
$ 3,402
Sanitary Sewer
9,583
1,917
Watermain
11,106
2,221
Storm Sewer
2,846
569
Boulevard and Drainage Swale Sod
1,800
1,800
Mitigation Pond Constriction
3,800
3,800
N [-]RP Pond Constriction
-0-
-0-
Street Signs (1 x 200)
200
-0-
Site Grading and Drainage Improvements
26,028
-0-
Park and Trail Improvements
5,060
5,060
Setting Iron Monuments
900
900
Design, Administration, Inspection, As-Builts
9,400
2,360
TOTAL
$ 87,731
$ 22,029
That the required financial guarantee for the above items be reduced as detailed above from $87,731 to
$22,029 to reflect the completed work. Letter of credit No. 626234 may be reduced accordingly.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-136W-2 CCR 1998-136 doe
RESOLUTION NO. 98-136
HOLLY CREEK 4TH ADDITION (95027)
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:
ORIGINAL NEW
ITEM AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash: $ 1,000 $ 1,000
Letter of Credit No. 624502: $ 5,750 $ 5,750
Adopted by the City Council on March 4, 1998.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-136W-2 CCR 1998-136 doe