HomeMy WebLinkAboutCity Council Resolution 1998-638RESOLUTION NO. 98-638
REDUCING REQUIRED FINANCIAL GUARANTEE
CONOR MEADOWS PLAT TWO (96150)
WHEREAS, in accordance with the development contract dated June 24, 1998, Centex Homes, a Nevada
General Partnership, developer of Conor Meadows Plat Two (96150), 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 $571,897 to
$198,651 to reflect the completed work. Subdivision Bond No. 5943980 submitted for the financial
guarantee may be reduced from $857,845 (150% x $571,897) to $297,977 (150% x $198,651).
RESOLUTION NO. 98-638
CONOR MEADOWS PLAT TWO (96150)
C Documents and Settnig, esvigei ,Local Settuig, TempVCCR 1998-638 590-5 CCR 1998-638 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 57,130
$ 28,000
Sanitary Sewer
98,235
39,650
Watermain
59,215
11,840
Storm Sewer
132,160
26,432
Boulevard and Drainage Swale Sod
5,000
5,000
Mitigation Pond Constriction
5,000
5,000
N[ -]RP Pond Constriction
5,875
1,175
Street Signs (200)
-0-
-0-
Site Grading and Drainage Improvements
137,237
50,000
Park and Trail Improvements
9,270
9,270
Setting Iron Monuments
1,500
1,000
Design, Administration, Inspection, As-Builts
61,275
21,284
TOTAL
$ 571,897
$ 198,651
That the required financial guarantee for the above items be reduced as detailed above from $571,897 to
$198,651 to reflect the completed work. Subdivision Bond No. 5943980 submitted for the financial
guarantee may be reduced from $857,845 (150% x $571,897) to $297,977 (150% x $198,651).
RESOLUTION NO. 98-638
CONOR MEADOWS PLAT TWO (96150)
C Documents and Settnig, esvigei ,Local Settuig, TempVCCR 1998-638 590-5 CCR 1998-638 doe
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:
ORIGINAL NEW
ITEM AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash: $ 1,000 $ 1,000
Letter of Credit No. 042197: $ 21,000 $ 21,000
Adopted by the City Council on October 21, 1998.
C Documents and Settnig, esvigei ,Local Settuig, TempVCCR 1998-638 590-5 CCR 1998-638 doe