HomeMy WebLinkAboutCity Council Resolution 1998-530RESOLUTION NO. 98-530
REDUCING REQUIRED FINANCIAL GUARANTEE
NANTERRE ADDITION (94093)
WHEREAS, in accordance with the development contract dated October 13, 1995, Weston Corporation,
developer of Nanterre Addition (94093), 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:
ITEM ORIGINAL NEW
AMOUNT AMOUNT
Street Constriction (excluding State
Aid Proj.)
$132,703
$ -0-
Sanitary Sewer
200,629
-0-
Watermain
140,876
-0-
Storm Sewer
76,230
-0-
Boulevard and Drainage Swale Sod
9,000
4,500
Mitigation Pond Constriction
-0-
-0-
N[-]RP Pond Constriction
20,000
5,000
Street Signs (6 x 200)
1,200
1,200
Site Grading and Drainage Improvements
(excluding State Aid Proj.)
384,250
76,850
Park and Trail Improvements
-0-
(excluding State Aid Proj.)
10,179
Setting Iron Monuments
3,600
3,600
Design, Administration, Inspection, As-Builts
117,440
10,938
Wetland Mitigation and Performance
Monitoring
13,400
13,400
TOTAL
$1,109,507
$115,488
That the required financial guarantee for the above items remain as detailed above at $115,488 to reflect the
completed work. Letter of Credit No. 15297 must remain accordingly.
( `.ADocuments and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-53058966 CCR 1998-530 doe
RESOLUTION NO. 98-530
NANTERRE ADDITION (94093)
Page Two
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items per Section
8.1 of the approved development contract be reduced as follows:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 1611:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $1,000
$95,000 $45,000
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash with
the required financial guarantee being reduced from $71,250 to $45,000. The financial guarantee may be
reduced accordingly. Since Letter of Credit No. 1611 includes $5,000 for tree preservation it must have a
total amount of $50,000.
Adopted by the City Council on September 2, 1998.
( `.ADocuments and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-53058966 CCR 1998-530 doe