HomeMy WebLinkAboutCity Council Resolution 1998-640RESOLUTION NO. 98-640
REDUCING REQUIRED FINANCIAL GUARANTEE
PLUM TREE 4TH ADDITION (98019)
WHEREAS, in accordance with the development contract dated April 2, 1998, Lundgren Bros. Constriction,
Inc., developer of Plum Tree 4th Addition (98019), 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 $371,420 to
$34,300 to reflect the completed work. Letter of Credit No. 18384 may be reduced accordingly.
C Documents and Settnig, esvigei ,Local Settuig, TempVC(R 1998-640 590 --,CCR 1998-640 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 130,000
$ 26,000
Sanitary Sewer
57,000
-0-
Watermain
3 5, 000
-0-
Storm Sewer
52,000
-0-
Boulevard and Drainage Swale Sod
2,000
2,000
Mitigation Pond Constriction
-0-
-0-
N [-]RP Pond Constriction
-0-
-0-
Street Signs (3 x 200)
600
600
Site Grading and Drainage Improvements
45,000
-0-
Park and Trail Improvements
8,000
-0-
Setting Iron Monuments
2,025
2,025
Design, Administration, Inspection, As-Builts
39,795
3,675
TOTAL
$ 371,420
$ 34,300
That the required financial guarantee for the above items be reduced as detailed above from $371,420 to
$34,300 to reflect the completed work. Letter of Credit No. 18384 may be reduced accordingly.
C Documents and Settnig, esvigei ,Local Settuig, TempVC(R 1998-640 590 --,CCR 1998-640 doe
RESOLUTION NO. 98-640
PLUM TREE 4TH ADDITION (98019)
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
Cash:
Letter of Credit No. 18320:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 2,000 $ 2,000
FURTHER BE IT RESOLVED that the sanitary sewer, watermain and storm sewer constriction is accepted
for continual maintenance as of October 21, 1998 subject to the two year guarantee by the Developer per
Maintenance Bond No. 54099655.
Adopted by the City Council on October 21, 1998.
C Documents and Settnig, esvigei ,Local Settuig, TempVC(R 1998-640 590 --,CCR 1998-640 doe