HomeMy WebLinkAboutCity Council Resolution 1998-670RESOLUTION NO. 98-670
REDUCING REQUIRED FINANCIAL GUARANTEE
CONOR MEADOWS ADDITION (96113)
WHEREAS, in accordance with the development contract dated April 3, 1997, Centex Homes, A Nevada
General Partnership, developer of Conor Meadows Addition (96113), 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 $45,265 to
$17,271 to reflect the completed work. Development Bond No. 5917829 submitted for the financial guarantee
may be reduced from $67,897 (150% x $45,265) to $25,907 (150% x $17,271).
C Documents and Settnig,,esuigeiLocal Settmg, TempVC(R 1998 -6 -05910 - CCR 1998-6-0 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 124,970
$ -0-
Sanitary Sewer
127,229
-0-
Watermain
88,460
-0-
Storm Sewer
62,600
-0-
Boulevard and Drainage Swale Sod
3,600
1,800
Mitigation Pond Constriction
8,621
8,621
N[ -]RP Pond Constriction
15,861
-0-
Street Signs (4 x 200)
800
-0-
Wetland Buffer Posts
1,200
-0-
Site Grading and Drainage Improvements
182,378
5,000
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
3,975
-0-
Design, Administration, Inspection, As-Builts
74,363
1,850
TOTAL
$ 694,057
$ 17,271
That the required financial guarantee for the above items be reduced as detailed above from $45,265 to
$17,271 to reflect the completed work. Development Bond No. 5917829 submitted for the financial guarantee
may be reduced from $67,897 (150% x $45,265) to $25,907 (150% x $17,271).
C Documents and Settnig,,esuigeiLocal Settmg, TempVC(R 1998 -6 -05910 - CCR 1998-6-0 doe
RESOLUTION NO. 98-670
CONOR MEADOWS ADDITION (96113)
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. 382183:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 26,000 $ 13,000
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. 54094504
issued by United Fire and Casualty Company.
Adopted by the City Council on November 4, 1998.
C Documents and Settnig,,esuigeiLocal Settmg, TempVC(R 1998 -6 -05910 - CCR 1998-6-0 doe