HomeMy WebLinkAboutCity Council Resolution 1998-641RESOLUTION NO. 98-641
REDUCING REQUIRED FINANCIAL GUARANTEE
CONOR MEADOWS PLAT THREE (98092)
WHEREAS, in accordance with the development contract dated July 9, 1998, Centex Real Estate
Corporation, developer of Conor Meadows Plat Three (98092), 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 $72,225 to
$32,293 to reflect the completed work. Subdivision Bond No. 5944082 submitted for the financial guarantee
may be reduced from $108,338 (150% x $72,225) to $48,439 (150% x $32,293).
C Documents and Settnig, esvigei ,Local Settuig, TempVC(R 1998-641 590-8 CCR 1998-641 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 29,322
15,000
Sanitary Sewer
7,520
1,504
Watermain
8,445
1,689
Storm Sewer
10,700
2,140
Boulevard and Drainage Swale Sod
6,800
6,800
Mitigation Pond Constriction
-0-
-0-
N [-]RP Pond Constriction
-0-
-0-
Street Signs (2 x 200)
400
400
Site Grading and Drainage Improvements
-0-
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
1,300
1,300
Design, Administration, Inspection, As-Builts
7,738
3,460
TOTAL
$ 72,225
$ 32,293
That the required financial guarantee for the above items be reduced as detailed above from $72,225 to
$32,293 to reflect the completed work. Subdivision Bond No. 5944082 submitted for the financial guarantee
may be reduced from $108,338 (150% x $72,225) to $48,439 (150% x $32,293).
C Documents and Settnig, esvigei ,Local Settuig, TempVC(R 1998-641 590-8 CCR 1998-641 doe
RESOLUTION NO. 98-641
CONOR MEADOWS PLAT THREE (98092)
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: $ -0- $ -0-
Financial Guarantee: $ -0- $ -0-
Adopted by the City Council on October 21, 1998.
C Documents and Settnig, esvigei ,Local Settuig, TempVC(R 1998-641 590-8 CCR 1998-641 doe