HomeMy WebLinkAboutCity Council Resolution 1999-060RESOLUTION NO. 99-60
REDUCING REQUIRED FINANCIAL GUARANTEE
CONOR MEADOWS PLAT THREE (98092)
WHEREAS, in accordance with the development contract dated July 9, 1998, Centex Real Estate
Corporation, developer of Conor Meadows Plat Three (98092), 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 $32,293 to
$16,016 to reflect the completed work. Subdivision Bond No. 5944082 submitted for the financial guarantee
may be reduced from $48,439 (150% x $32,293) to $24,024 (150% x $16,016).
C Documents and Settnig,,seng(kdd Local Settuig, TempVC(R 1999-060_59?5a.CCR 1999-060 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 29,322
10,000
Sanitary Sewer
7,520
-0-
Watermain
8,445
-0-
Storm Sewer
10,700
-0-
Boulevard and Drainage Swale Sod
6,800
3,000
Mitigation Pond Constriction
-0-
-0-
N [-]RP Pond Constriction
-0-
-0-
Street Signs (2 x 200)
400
-0-
Site Grading and Drainage Improvements
-0-
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
1,300
1,300
Design, Administration, Inspection, As-Builts
7,738
1,716
TOTAL
$ 72,225
$ 16,016
That the required financial guarantee for the above items be reduced as detailed above from $32,293 to
$16,016 to reflect the completed work. Subdivision Bond No. 5944082 submitted for the financial guarantee
may be reduced from $48,439 (150% x $32,293) to $24,024 (150% x $16,016).
C Documents and Settnig,,seng(kdd Local Settuig, TempVC(R 1999-060_59?5a.CCR 1999-060 doe
RESOLUTION NO. 99-60
CONOR MEADOWS PLAT THREE (98092)
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 (Included in Conor Meadows
Plat 2 (96150))
Cash:
Financial Guarantee:
ORIGINAL NEW
AMOUNT AMOUNT
$ -0- $-0-
$-0-
-0-
$-0- $ -0-
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 Settuig, TempVC(R 1999-060_59?5a.CCR 1999-060 doe