HomeMy WebLinkAboutCity Council Resolution 1998-563RESOLUTION NO. 98-563
REDUCING REQUIRED FINANCIAL GUARANTEE
PLYMOUTH TECHNOLOGY PARK (91031)
WHEREAS, in accordance with the development contract dated December 11, 1997, Plymouth Partners II,
developer of Plymouth Technology Park (91031), 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 $74,684 to
$24,416 to reflect the completed work. Letter of Credit No. 231 may be reduced accordingly.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-56359000 CCR 1998-563 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 69,179
$ -0-
Sanitary Sewer
9,950
-0-
Watermain
17,876
-0-
Storm Sewer
41,220
-0-
Boulevard and Drainage Swale Sod
2,999
2,000
Mitigation Pond Constriction
-0-
-0-
Treatment Pond Constriction
24,000
4,800
Street Signs (1 x $200)
200
-0-
Site Grading and Drainage Improvements
88,680
15,000
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
-0-
-0-
Design, Administration, Inspection, As-Builts
30,492
2,616
TOTAL
$ 284,596
$ 24,416
That the required financial guarantee for the above items be reduced as detailed above from $74,684 to
$24,416 to reflect the completed work. Letter of Credit No. 231 may be reduced accordingly.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-56359000 CCR 1998-563 doe
RESOLUTION NO. 98-563
PLYMOUTH TECHNOLOGY PARK (91031)
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 No. 1087 96:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 8,395 $ 8,395
FURTHER BE IT RESOLVED that the sanitary sewer, watermain, and storm sewer constriction is accepted
for continual maintenance as of September 16, 1998 subject to the two year guarantee by the Developer per
Maintenance Bond No. 54092288 issued by United Fire and Casualty Company.
FURTHER BE IT RESOLVED that the street constriction is accepted for continual maintenance as of
September 16, 1998 subject to the one year guarantee by the Developer per Maintenance Bond No. 54092288
issued by United Fire and Casualty Company.
Adopted by the City Council on September 16, 1998.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-56359000 CCR 1998-563 doe