HomeMy WebLinkAboutCity Council Resolution 1998-637RESOLUTION NO. 98-637
REDUCING REQUIRED FINANCIAL GUARANTEE
CONOR MEADOWS ADDITION (96113)
WHEREAS, in accordance with the development contract dated April 3, 1997, Centext Homes, A Nevada
General Partnership, developer of Conor Meadows Addition (96113), 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 $120,760 to
$45,265 to reflect the completed work. Development Bond No. 5917829 submitted for the financial
guarantee may be reduced from $181,140 (150% x $120,760) to $67,897 (150% x $45,265).
C Documents and Settnig,,esuigeiLocal Settmg, TempVCCR 1998-63-590-4 CCR 1998-63- doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$124,970
$24,994
Sanitary Sewer
127,229
-0-
Watermain
88,460
-0-
Storm Sewer
62,600
-0-
Boulevard and Drainage Swale Sod
3,600
1,800
Mitigation Pond Constriction
8,621
8,621
N[ -]RP Pond Constriction
15,861
-0-
Street Signs (4x200)
800
-0-
Wetland Buffer Posts
1,200
-0-
Site Grading and Drainage Improvements
182,378
5,000
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
3,975
-0-
Design, Administration, Inspection, As-Builts
74,363
4,850
TOTAL
$ 694,057
$ 45,265
That the required financial guarantee for the above items be reduced as detailed above from $120,760 to
$45,265 to reflect the completed work. Development Bond No. 5917829 submitted for the financial
guarantee may be reduced from $181,140 (150% x $120,760) to $67,897 (150% x $45,265).
C Documents and Settnig,,esuigeiLocal Settmg, TempVCCR 1998-63-590-4 CCR 1998-63- doe
RESOLUTION NO. 98-637
CONOR MEADOWS ADDITION (96113)
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. 382183:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$26,000 $13,000
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 $26,000 to $13,000. Letter of Credit No. 382183 may be
reduced accordingly.
Adopted by the City Council on October 21, 1998.
C Documents and Settnig,,esuigeiLocal Settmg, TempVCCR 1998-63-590-4 CCR 1998-63- doe