HomeMy WebLinkAboutCity Council Resolution 1999-038RESOLUTION NO. 99-38
REDUCING REQUIRED FINANCIAL GUARANTEE
WESTBRANCH 2ND ADDITION (94045)
WHEREAS, in accordance with the development contract dated June 30, 1994, U.S. Homes Corporation,
developer of Westbranch 2nd Addition (94045), 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:
ITEM
ORIGINAL
NEW
AMOUNT
AMOUNT
Street Constriction
$342,000
$68,400
(Excluding City Proj. No. 308)
Sanitary Sewer
183,000
-0-
Watermain
136,000
-0-
Storm Sewer
46,000
-0-
Boulevard and Drainage Swale Sod
22,000
11,000
Mitigation Pond Constriction
-0-
-0-
Sediment Pond Constriction
3,700
-0-
Street Signs (9 x 200)
1,800
-0-
Site Grading and Drainage Improvements
240,300
-0-
Park and Trail Improvements
11,700
6,700
Setting Iron Monuments
7,000
-0-
Design, Administration, Inspection, As-Builts
119,220
10,332
TOTAL
$1,112,720
$96,432
That the required financial guarantee for the above items be reduced as detailed above from $309,456 to
$96,432 to reflect the completed work. Letter of Credit No. FGAC-94073 may be reduced accordingly.
C Documents and Settnig,sengdald Local Settmg, TempVCCR 1999-03859232 CCR 1999-038 doe
RESOLUTION NO. 99-38
WESTBRANCH 2ND ADDITION (94045)
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 (Includes financial guarantee for
Westbranch -1 Addition (94046))
Cash:
Letter of Credit No. 94034:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $1,000
$90,750 $45,000
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 $90,750 to $45,000. Letter of Credit No. FGAC 94034
may be reduced accordingly.
Adopted by the City Council on January 19, 1999.
C Documents and Settnig,sengdald Local Settmg, TempVCCR 1999-03859232 CCR 1999-038 doe