HomeMy WebLinkAboutCity Council Resolution 1998-167RESOLUTION NO. 98 - 167
REDUCING REQUIRED FINANCIAL GUARANTEE
FRENCH RIDGE PARK ADDITION (94159)
WHEREAS, in accordance with the development contract dated July 27, 1995, JANCO, Inc.,
developer of French Ridge Park Addition (94159), 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
$81,659 to $52,027 to reflect the completed work. Letter of Credit No. 122195 may be reduced
accordingly.
C:\Documents and Settings\esinger\Local Settings\Temp\CCR 1998-167_58603\CCR 1998-167.doc
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction Vinewood/Xenium
$148,160
-0-
Lane
Street Construction Other Streets
87,000
$17,400
Sanitary Sewer
152,000
-0-
Watermain
185,500
-0-
Storm Sewer
76,490
-0-
Boulevard and Drainage Swale Sod
13,600
4,000
Mitigation Pond Construction
8,378
8,378
Sediment Pond Construction
10,000
-0-
Street Signs (3 x 200)
600
-0-
Site Grading and Drainage Improvements
229,622
10,000
Park and Trail Improvements
8,734
-0-
Setting Iron Monuments
3,500
3,500
Design, Administration, Inspection, As-
110,830
8,749
Builts
TOTAL
$1,034,414
$52,027
That the required financial guarantee for the above items be reduced as detailed above from
$81,659 to $52,027 to reflect the completed work. Letter of Credit No. 122195 may be reduced
accordingly.
C:\Documents and Settings\esinger\Local Settings\Temp\CCR 1998-167_58603\CCR 1998-167.doc
RESOLUTION NO. 98-167
FRENCH RIDGE PARK ADDITION (94159)
Page Two
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items per
Section 8.1 of the approved development contract remains as follows:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 92195:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $1,000
$41,000 $30,750
FURTHER BE IT RESOLVED that the street construction for Vinewood/Xenium Lane is accepted
for continual maintenance as of March 18, 1998 subject to the one year guarantee by the
Developer per Maintenance Bond No. JR3073.
Adopted by the City Council on March 18, 1998.
C:\Documents and Settings\esinger\Local Settings\Temp\CCR 1998-167_58603\CCR 1998-167.doc