HomeMy WebLinkAboutCity Council Resolution 1999-061RESOLUTION NO. 99-61
REDUCING REQUIRED FINANCIAL GUARANTEE
PIKE LAKE WOODS 3D ADDITION (98170)
WHEREAS, in accordance with the development contract dated November 5, 1998, Pike Lake Woods 2" a
Addition, Inc., developer of Pike Lake Woods 3ra Addition (98170), 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 $775,197 to
$143,020 to reflect the completed work. The required financial guarantee may be reduced accordingly.
C Documents and Settnig,,seng(kdd Local Settuig, TempVC(R 1999-061_59255 CCR 1999-061 doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 181,137
$ 54,341
Sanitary Sewer
85,905
17,181
Watermain
63,094
12,619
Storm Sewer
58,623
11,725
Boulevard and Drainage Swale Sod
6,000
6,000
Mitigation Pond Constriction
-0-
-0-
N[-]RP Pond Constriction
59,077
1,000
Street Signs (2 x 200)
400
400
Site Grading and Drainage Improvements
236,304
2 3, 63 0
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
1,600
800
Design, Administration, Inspection, As-Builts
83,057
15,324
TOTAL
$ 775,197
$ 143,020
That the required financial guarantee for the above items be reduced as detailed above from $775,197 to
$143,020 to reflect the completed work. The required financial guarantee may be reduced accordingly.
C Documents and Settnig,,seng(kdd Local Settuig, TempVC(R 1999-061_59255 CCR 1999-061 doe
RESOLUTION NO. 99-61
PIKE LAKE WOODS 3RD ADDITION (98170)
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:
ORIGINAL NEW
ITEM AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash: $ 1,000 $ 1,000
Letter of Credit No. 481: $ 11,000 $ 11,000
Adopted by the City Council on February 2, 1999.
C Documents and Settnig,,seng(kdd Local Settuig, TempVC(R 1999-061_59255 CCR 1999-061 doe