HomeMy WebLinkAboutCity Council Resolution 1998-458RESOLUTION NO. 98 - 458
REDUCING REQUIRED FINANCIAL GUARANTEE
PLYMOUTH STATION (97145)
WHEREAS, in accordance with the development contract dated November 25, 1997, Hans Hagen Inc. and
Robbins Partnership, developer of Plymouth Station (97145), have 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 $519,680 to
$112,896 to reflect the completed work. Development Bond No. 116309 in the amount of $779,520 (150% x
$519,680) may be reduced to $169,344 (150% x $112,896).
C Documents and Settnig, esvigei ,Local Settuig, TempVCCR 1998-458 W94 CCR 1998-458 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 363,000
$ 72,600
Sanitary Sewer
-0-
-0-
Watermain
-0-
-0-
Storm Sewer
77,500
15,500
Boulevard and Drainage Swale Sod
-0-
-0-
Mitigation Pond Constriction
10,000
10,000
N[ -]RP Pond Constriction
13,500
2,700
Street Signs (200)
-0-
-0-
Site Grading and Drainage Improvements
-0-
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
-0-
-0-
Design, Administration, Inspection, As-Builts
55,680
12,096
TOTAL
$ 519,680
$ 112,896
That the required financial guarantee for the above items be reduced as detailed above from $519,680 to
$112,896 to reflect the completed work. Development Bond No. 116309 in the amount of $779,520 (150% x
$519,680) may be reduced to $169,344 (150% x $112,896).
C Documents and Settnig, esvigei ,Local Settuig, TempVCCR 1998-458 W94 CCR 1998-458 doe
RESOLUTION NO. 98-458
PLYMOUTH STATION (97145)
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 (See Grading Permit No. 82802)
Cash: $ -0- $ -0-
Financial Guarantee: $ -0- $ -0-
Adopted by the City Council on August 5, 1998.
C Documents and Settnig, esvigei ,Local Settuig, TempVCCR 1998-458 W94 CCR 1998-458 doe