HomeMy WebLinkAboutCity Council Resolution 1998-242RESOLUTION NO. 98 - 242
REDUCING REQUIRED FINANCIAL GUARANTEE
PARK WOODS TOWNHOMES ADDITION (95127)
WHEREAS, in accordance with the development contract dated February 12, 1996, New Home Services,
Inc., developer of Park Woods Townhomes Addition (95127), 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 $19,984 to
$7,795 to reflect the completed work. Letter of Credit No. 14-101805-0 may be reduced accordingly.
C Documents and Settnig,,esvigeiLocal Settmg, Temp CCR 1998-242586-8 CCR 1998-242 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$54,415
$_0_
Maintenance and Replacement of Temp. Road
20,000
-0-
Seal Coat Parking Lot
1,750
-0-
Parking Lot Striping
600
-0-
Sanitary Sewer System
40,564
-0-
Watermain System
35,657
-0-
Storm Sewer System
12,483
-0-
Boulevard and Drainage Swale Sod
3,600
3,600
N[ -]RP Pond Constriction
14,000
-0-
Site Clearing and Protection
24,010
-0-
Street Signs (lx200)
200
-0-
Park and Trail Improvements
7,112
-0-
Site Grading and Drainage Imp.
136,750
2,735
Setting Iron Monuments
625
625
SUB -TOTAL
351,766
6,960
Design, Admin., Insp., As-Builts (12%)
42,212
835
TOTAL
$393,978
$7,795
That the required financial guarantee for the above items be reduced as detailed above from $19,984 to
$7,795 to reflect the completed work. Letter of Credit No. 14-101805-0 may be reduced accordingly.
C Documents and Settnig,,esvigeiLocal Settmg, Temp CCR 1998-242586-8 CCR 1998-242 doe
RESOLUTION NO. 98-242
PARK WOODS TOWNHOMES ADDITION (95127)
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:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $1,000
$8,780 $4,390
FURTHER BE IT RESOLVED that the street constriction is accepted for continual maintenance as of April
15, 1998 subject to the one year guarantee by the Developer per Maintenance Bond No. NMC2997 issued by
Merchants Bonding Co.
Adopted by the City Council on April 15, 1998.
C Documents and Settnig,,esvigeiLocal Settmg, TempVC(R 1998-242586-8 CCR 1998-242 doe