HomeMy WebLinkAboutCity Council Resolution 1998-636RESOLUTION NO. 98-636
REDUCING REQUIRED FINANCIAL GUARANTEE
PARK WOODS TOWNHOMES ADDITION (95127)
WHEREAS, in accordance with the development contract dated February 12, 1996, New Home Services,
Inc., developer of Park Woods Townhomes Addition (95127), 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 $7,795 to $0
(zero) to reflect the completed work. Letter of Credit No. 14-101805-0 may be reduced accordingly and will
be released by the Finance Department.
C Documents and Settnig,,esvigeiLocal Settmg, Temp CCR 1998-636590-3 CCR 1998-636 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$54,415
$_0_
Maintenance and Replacement of Temp. Road
20,000
-0-
Seal Coat Parking Lot
1,750
-0-
Parking Lot Striping
600
-0-
Sanitary Sewer System
40,564
-0-
Watermain System
35,657
-0-
Storm Sewer System
12,483
-0-
Boulevard and Drainage Swale Sod
3,600
-0-
N[-]RP Pond Constriction
14,000
-0-
Site Clearing and Protection
24,010
-0-
Street Signs (lx200)
200
-0-
Park and Trail Improvements
7,112
-0-
Site Grading and Drainage Imp.
136,750
-0-
Setting Iron Monuments
625
-0-
SUB-TOTAL
351,766
-0-
Design, Admin., Insp., As-Builts (12%)
42,212
-0-
TOTAL
$393,978
$_0_
That the required financial guarantee for the above items be reduced as detailed above from $7,795 to $0
(zero) to reflect the completed work. Letter of Credit No. 14-101805-0 may be reduced accordingly and will
be released by the Finance Department.
C Documents and Settnig,,esvigeiLocal Settmg, Temp CCR 1998-636590-3 CCR 1998-636 doe
RESOLUTION NO. 98-636
PARK WOODS TOWNHOMES ADDITION (95127)
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. I-Parkwood:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $1,000
$8,780 $1,000
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 $4,390 to $1,000. Letter of Credit No. I-Parkwood may
be reduced accordingly.
Adopted by the City Council on October 21, 1998.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-636590-3 CCR 1998-636 doe