HomeMy WebLinkAboutCity Council Resolution 1998-138RESOLUTION NO. 98 -138
REDUCING REQUIRED FINANCIAL GUARANTEE
THE PONDS AT BASS CREEK 3RD ADDITION (96091)
WHEREAS, in accordance with the development contract dated August 8, 1996, McHunter Co., LLC,
developer of The Ponds at Bass Creek -1 Addition (96091), 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 $50,803 to
$5,152 to reflect the completed work. Letter of Credit No. 6076 -896 -DI may be reduced accordingly.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-138W-4 CCR 1998-138 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 60,920
$ -0-
Sanitary Sewer
41,860
-0-
Watermain
41,600
-0-
Storm Sewer
12,280
-0-
Boulevard and Drainage Swale Sod
4,600
4,000
Mitigation Pond Constriction
600
600
Sediment Pond Constriction
-0-
-0-
Street Signs (200)
-0-
-0-
Site Grading and Drainage Improvements
88,133
-0-
Park and Trail Improvements
1,935
-0-
Setting Iron Monuments
1,800
-0-
Design, Administration, Inspection, As-Builts
30,447
552
TOTAL
$ 284,175
$ 5,152
That the required financial guarantee for the above items be reduced as detailed above from $50,803 to
$5,152 to reflect the completed work. Letter of Credit No. 6076 -896 -DI may be reduced accordingly.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-138W-4 CCR 1998-138 doe
RESOLUTION NO. 98-138
THE PONDS AT BASS CREEK 3RD ADDITION (96091)
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. 6076-896-E:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 17,000 $ 8,500
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. 50-0120-04579-98-0 issued by United Fidelity and Guaranty 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. 50-0120-
31715-96-3-M issued by United Fidelity and Guaranty Company.
Adopted by the City Council on March 4, 1998.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-138W-4 CCR 1998-138 doe