HomeMy WebLinkAboutCity Council Resolution 1999-039RESOLUTION NO. 99-39
REDUCING REQUIRED FINANCIAL GUARANTEE
WESTBRANCH 4TH ADDITION (95139)
WHEREAS, in accordance with the development contract dated October 8, 1997, U.S. Home Corporation,
developer of Westbranch 4th Addition (95139), 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 $357,392 to
$26,813 to reflect the completed work. The required Letter of Credit No. FGAC-97137 may be reduced
accordingly.
C Documents and Settnig,,seng(kdd Local Settuig, TempVCCR 1999-039_59233CCR 1999-039 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 63,300
$ -0-
Sanitary Sewer
70,400
-0-
Watermain
48,200
-0-
Storm Sewer
31,500
-0-
Boulevard and Drainage Swale Sod
3,800
2,800
Mitigation Pond Constriction
2,000
2,000
N[ -]RP Pond Constriction
2,900
-0-
Street Signs (2x200)
400
-0-
Site Grading and Drainage Improvements
95,700
19,140
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
900
-0-
Design, Administration, Inspection, As-Builts
38,292
2,873
TOTAL
$ 357,392
$ 26,813
That the required financial guarantee for the above items be reduced as detailed above from $357,392 to
$26,813 to reflect the completed work. The required Letter of Credit No. FGAC-97137 may be reduced
accordingly.
C Documents and Settnig,,seng(kdd Local Settuig, TempVCCR 1999-039_59233CCR 1999-039 doe
RESOLUTION NO. 99-39
Westbranch 4th Addition (95139)
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. FGAC-97127:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 10,500 $ 8,000
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 $10,500 to $8,000. Letter of Credit No. FGAC-97127
may be reduced accordingly.
FURTHER BE IT RESOLVED that the sewer, water, and storm sewer constriction is accepted for continual
maintenance as of January 19, 1999 subject to the two year guarantee by the Developer per Maintenance
Bond No. 50-0120-47496-98-9.
FURTHER BE IT RESOLVED that the street constriction is accepted for continual maintenance as of
January 19, 1999 subject to the one year guarantee by the Developer per Maintenance Bond No. 50-0120-
47499-98-8.
Adopted by the City Council on January 19, 1999.
C Documents and Settnig,,seng(kdd Local Settuig, TempVCCR 1999-039_59233CCR 1999-039 doe