HomeMy WebLinkAboutCity Council Resolution 1998-705RESOLUTION NO. 98 - 705
REDUCING REQUIRED FINANCIAL GUARANTEE
PLYMOUTH STATION (97145)
WHEREAS, in accordance with the development contract dated November 25, 1997, Hans Hagen Inc. and
Robbins Partnership, developer of Plymouth Station (97145), have 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 $112,896 to
$31,584 to reflect the completed work. Development Bond No. 116309 in the amount of $169,344 (150% x
$112,896) may be reduced to $47,376 (150% x $31,584).
C Documents and Settnig, esuigei ,Local Setting, TempVC(R 1998--05 59144 CCR 1998--05 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 363,000
$ -0-
Sanitary Sewer
-0-
-0-
Watermain
-0-
-0-
Storm Sewer
77,500
15,500
Boulevard and Drainage Swale Sod
-0-
-0-
Mitigation Pond Constriction
10,000
10,000
N[ -]RP Pond Constriction
13,500
2,700
Street Signs (200)
-0-
-0-
Site Grading and Drainage Improvements
-0-
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
-0-
-0-
Design, Administration, Inspection, As-Builts
55,680
3,384
TOTAL
$ 519,680
$ 31,584
That the required financial guarantee for the above items be reduced as detailed above from $112,896 to
$31,584 to reflect the completed work. Development Bond No. 116309 in the amount of $169,344 (150% x
$112,896) may be reduced to $47,376 (150% x $31,584).
C Documents and Settnig, esuigei ,Local Setting, TempVC(R 1998--05 59144 CCR 1998--05 doe
RESOLUTION NO. 98 -
PLYMOUTH STATION (97145)
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. S405313:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 39,000 $ 39,000
FURTHER BE IT RESOLVED that the street constriction is accepted for continual maintenance as of
November 18, 1998 subject to the two year guarantee by the Developer per Maintenance Bond No. 8120111
issued by Fidelity and Deposit Company of Maryland.
Adopted by the City Council on November 18, 1998.
C Documents and Settnig, esuigei ,Local Setting, TempVC(R 1998--05 59144 CCR 1998--05 doe