HomeMy WebLinkAboutCity Council Resolution 1998-703RESOLUTION NO. 98 - 703
REDUCING REQUIRED FINANCIAL GUARANTEE
PLYMOUTH PONDS BUSINESS PARK ADDITION (95005)
WHEREAS, in accordance with the development contract dated June 20, 1995, Plymouth Ponds Limited
Liability Company, developer of Plymouth Ponds Business Park Addition (95005), 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 $41,279 to
$40,271 to reflect the completed work. This amount includes the maintenance guarantee for sanitary sewer,
watermain, storm sewer, and street constriction. Letter of Credit No. 1615 may be reduced accordingly.
C Documents and Settnig,,esvigeiLocal Settmg, TempVC(R 1998--0359142 CCR 1998--03 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$37,775
$7,555*
Co. Rd. 24 Right In/Right Out
21,000
4,200*
Sanitary Sewer
51,717
10,343*
Watermain
33,620
6,724*
Storm Sewer
9,644
1,929*
Boulevard and Drainage Swale Sod
900
-0-
Drainage Pond Constriction
7,975
-0-
Mitigation Pond Constriction
8,500
8,500
Sediment Pond Constriction
-0-
-0-
Street Signs (1 x 200)
200
-0-
Site Grading and Drainage Improvements
34,290
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
550
-0-
Design, Administration, Inspection, As-Builts
24,741
1,020
TOTAL
$230,912
$40,271
That the required financial guarantee for the above items be reduced as detailed above from $41,279 to
$40,271 to reflect the completed work. This amount includes the maintenance guarantee for sanitary sewer,
watermain, storm sewer, and street constriction. Letter of Credit No. 1615 may be reduced accordingly.
C Documents and Settnig,,esvigeiLocal Settmg, TempVC(R 1998--0359142 CCR 1998--03 doe
RESOLUTION NO. 98 -
PLYMOUTH PONDS BUSINESS PARK ADDITION (95005)
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 Nos. 1675:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $1,000
$45,500 $2,000
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 $11,375 to $2,000. Letter of Credit Nos. 1675 may be
reduced accordingly.
* A potion of Letter of Credit No. 1615 in the amount of $30,751 is to be kept in lieu of the required
maintenance bond per the developer's request.
Adopted by the City Council on November 18, 1998.
C Documents and Settnig,,esvigeiLocal Settmg, TempVC(R 1998--0359142 CCR 1998--03 doe