HomeMy WebLinkAboutCity Council Resolution 1998-668RESOLUTION NO. 98-668
REDUCING REQUIRED FINANCIAL GUARANTEE
SUGAR HILLS 4TH ADDITION (95090)
WHEREAS, in accordance with the development contract dated May 16, 1996, Eugene R. Forbragd, Darlene
R. Forbragd, Martin H. Harstad and Janice E. Harstad, developers of Sugar Hills 4"' Addition (95090), have
agreed to install certain improvements for said development; and
WHEREAS, the developers have completed a portion of the street, utility and site grading as noted below;
and
WHEREAS, the developers have 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 $27,104 to
$2,128 to reflect the completed work. Letter of Credit No. 13368 may be reduced accordingly.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-66859105 CCR 1998-668 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 63,000
$ -0-
Sanitary Sewer
33,000
-0-
Watermain
34,000
-0-
Storm Sewer
16,000
-0-
Boulevard and Drainage Swale Sod
4,400
400
Mitigation Pond Constriction
-0-
-0-
Sediment Pond Constriction
5,000
-0-
Street Signs (lx200)
200
-0-
Site Grading and Drainage Improvements
15,000
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
1,500
1,500
Design, Administration, Inspection, As-Builts
20,652
228
TOTAL
$ 192,752
$ 2,128
That the required financial guarantee for the above items be reduced as detailed above from $27,104 to
$2,128 to reflect the completed work. Letter of Credit No. 13368 may be reduced accordingly.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-66859105 CCR 1998-668 doe
RESOLUTION NO. 98-668
SUGAR HILLS 4TH ADDITION (95090)
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. 13369:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 8,800 $ 4,000
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 $8,800 to $4,000. Letter of Credit No. 13369 may be
reduced accordingly.
FURTHER BE IT RESOLVED that the street constriction is accepted for continual maintenance as of
November 4, 1998 subject to the two year guarantee by the Developer per Maintenance Bond No. 54085380
provided by United Fire and Casualty Company.
Adopted by the City Council on November 4, 1998.
C Documents and Settnig,,esvigeiLocal Settmg, TempVCCR 1998-66859105 CCR 1998-668 doe