HomeMy WebLinkAboutCity Council Resolution 1998-639RESOLUTION NO. 98-639
REDUCING REQUIRED FINANCIAL GUARANTEE
PLUM TREE 3D ADDITION (97034)
WHEREAS, in accordance with the development contract dated May 8, 1997, Lundgren Bros. Constriction,
Inc., developer of Plum Tree 3" Addition (97034), 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 $70,291 to
$6,563 to reflect the completed work. Letter of Credit No. 17593 may be reduced accordingly.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-639590-6 CCR 1998-639 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 151,000
$ -0-
Sanitary Sewer
127,000
-0-
Watermain
67,000
-0-
Storm Sewer
102,000
-0-
Boulevard and Drainage Swale Sod
8,000
5,800
Mitigation Pond Constriction
-0-
-0-
Wetland Buffer Monuments
460
60
N[ -]RP Pond Constriction
10,000
-0-
Street Signs (4 x 200)
800
-0-
Site Grading and Drainage Improvements
-0-
-0-
Park and Trail Improvements
-0-
-0-
Sidewalk
22,000
-0-
Setting Iron Monuments
2,400
-0-
Design, Administration, Inspection, As-Builts
58,879
703
TOTAL
$ 549,539
$ 6,563
That the required financial guarantee for the above items be reduced as detailed above from $70,291 to
$6,563 to reflect the completed work. Letter of Credit No. 17593 may be reduced accordingly.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-639590-6 CCR 1998-639 doe
RESOLUTION NO. 98-639
PLUM TREE 3RD ADDITION (97034)
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 [See Plum Tree 2"a Addition (94090)]
Cash:
Financial Guarantee:
ORIGINAL NEW
AMOUNT AMOUNT
$ -0- $-0-
$-0-
-0-
$-0- $ -0-
FURTHER BE IT RESOLVED that the street constriction is accepted for continual maintenance as of
October 21, 1998 subject to the two year guarantee by the Developer per Maintenance Bond No. 94095449
issued by United Fire and Casualty Company.
Adopted by the City Council on October 21, 1998.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-639590-6 CCR 1998-639 doe