HomeMy WebLinkAboutCity Council Resolution 1998-432RESOLUTION NO. 98-432
REDUCING REQUIRED FINANCIAL GUARANTEE
NORTH COUNTRY ESTATES (97023)
WHEREAS, in accordance with the development contract dated December 4, 1997, North Country
Properties, Inc., developer of North Country Estates (97023), 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 $11,200 to
$10,080 to reflect the completed work. Letter of Credit No. 730 may be reduced accordingly.
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Restoration
$ 1,000
$ -0-
Sanitary Sewer Service
5,250
-0-
Watermain System
3 3, 15 0
-0-
Storm Sewer System
-0-
-0-
Boulevard and Drainage Swale Sod
1,000
1,000
Mitigation Pond Constriction
-0-
-0-
N [_]RP Pond Constriction
-0-
-0-
Street Signs (200)
-0-
-0-
Site Grading and Drainage Improvements
8,000
8,000
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
300
-0-
Design, Administration, Inspection, As-Builts
5,844
1,080
TOTAL
$ 54,544
$ 10,080
That the required financial guarantee for the above items be reduced as detailed above from $11,200 to
$10,080 to reflect the completed work. Letter of Credit No. 730 may be reduced accordingly.
RESOLUTION NO. 98-432
NORTH COUNTRY ESTATES (97023)
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:
Financial Guarantee:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ -0- $ -0-
FURTHER BE IT RESOLVED that the street constriction is accepted for continual maintenance as of July
22, 1998 subject to the two year guarantee by the Developer per Maintenance Bond No. RCN0495754 issued
by Old Republic Surety Company.
Adopted by the City Council on July 22, 1998.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-43258868 CCR 1998-432 doe