HomeMy WebLinkAboutCity Council Resolution 1998-635RESOLUTION NO. 98-635
REDUCING REQUIRED FINANCIAL GUARANTEE
FERNBROOK TOWNHOMES ADDITION (91044)
WHEREAS, in accordance with the development contract dated May 27, 1992, Fernbrook Townhomes
Limited Partnership, developer of Fernbrook Townhomes Addition (91044), 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 $70,681 to $0
(zero) to reflect the completed work. Letter of Credit No. 235 may be reduced accordingly and will be
released by the Finance Department.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-635590-2 CCR 1998-635 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 19,814
$ -0-
Sanitary Sewer System
22,891
-0-
Watermain System
9,132
-0-
Storm Sewer
10,121
-0-
Boulevard and Drainage Swale Sod
1,000
-0-
Pond or Ditch Constriction
-0-
-0-
Street Signs (lxl50)
150
-0-
Site Grading and Drainage Improvements
-0-
-0-
Park and Trail Improvements
-0-
-0-
Design, Administration, Inspection, As-Builts
7,573
-0-
TOTAL
$ 70,681
$ -0-
That the required financial guarantee for the above items be reduced as detailed above from $70,681 to $0
(zero) to reflect the completed work. Letter of Credit No. 235 may be reduced accordingly and will be
released by the Finance Department.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-635590-2 CCR 1998-635 doe
RESOLUTION NO. 98-635
FERNBROOK TOWNHOMES ADDITION (91044)
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:
Financial Guarantee:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $-0-
$-0-
-0-
$-0- $ -0-
FURTHER BE IT RESOLVED that the financial guarantee for the above items be reduced from $1,000 cash
to $0 (zero) and will be released by the Finance Department
FURTHER BE IT RESOLVED that the sanitary sewer, watermain, storm sewer, and street constriction is
accepted for continual maintenance as of October 21, 1998.
Adopted by the City Council on October 21, 1998.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-635590-2 CCR 1998-635 doe