HomeMy WebLinkAboutCity Council Resolution 1999-057RESOLUTION NO. 99-57
REDUCING REQUIRED FINANCIAL GUARANTEE
CONOR MEADOWS PLAT TWO (96150)
WHEREAS, in accordance with the development contract dated June 24, 1998, Centex Homes, a Nevada
General Partnership, developer of Conor Meadows Plat Two (96150), 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 $198,651 to
$92,036 to reflect the completed work. Subdivision Bond No. 5943980 submitted for the financial guarantee
may be reduced from $297,977 (150% x $198,651) to $138,054 (150% x $92,036).
RESOLUTION NO. 99-57
CONOR MEADOWS PLAT TWO (96150)
C Documents and Settnig,,seng(kdd Local Setting, TempVC(R 1999-05-59251 CCR 1999 -05 -.doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 57,130
$ 20,000
Sanitary Sewer
98,235
-0-
Watermain
59,215
-0-
Storm Sewer
132,160
-0-
Boulevard and Drainage Swale Sod
5,000
5,000
Mitigation Pond Constriction
5,000
5,000
N[ -]RP Pond Constriction
5,875
1,175
Street Signs (200)
-0-
-0-
Site Grading and Drainage Improvements
137,237
50,000
Park and Trail Improvements
9,270
-0-
Setting Iron Monuments
1,500
1,000
Design, Administration, Inspection, As-Builts
61,275
9,861
TOTAL
$ 571,897
$ 92,036
That the required financial guarantee for the above items be reduced as detailed above from $198,651 to
$92,036 to reflect the completed work. Subdivision Bond No. 5943980 submitted for the financial guarantee
may be reduced from $297,977 (150% x $198,651) to $138,054 (150% x $92,036).
RESOLUTION NO. 99-57
CONOR MEADOWS PLAT TWO (96150)
C Documents and Settnig,,seng(kdd Local Setting, TempVC(R 1999-05-59251 CCR 1999 -05 -.doe
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. 042197:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 21,000 $ 21,000
FURTHER BE IT RESOLVED that the sanitary sewer, watermain and storm sewer constriction is accepted
for continual maintenance as of February 2, 1999 subject to the two year guarantee by the Developer per
Maintenance Bond No. 54101393.
Adopted by the City Council on February 2, 1999.
C Documents and Settnig,,seng(kdd Local Setting, TempVC(R 1999-05-59251 CCR 1999 -05 -.doe