HomeMy WebLinkAboutCity Council Resolution 1999-232RESOLUTION NO. 99-232
REDUCING REQUIRED FINANCIAL GUARANTEE
SAVANNAH ADDITION (93112)
WHEREAS, in accordance with the development contract dated June 22, 1994, Lundgren Bros.
Construction, Inc., developer of Savannah Addition (93112), 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 Construction
(Except City Proj. No's 213 & 907)
$99,660
$-0-
Sanitary Sewer
(Except City Proj. No's 213 & 907)
101,420
-0-
Watermain
(Except City Proj. No's 213 & 907)
80,410
-0-
Storm Sewer
42,570
-0-
Boulevard and Drainage Swale Sod
7,000
200
Mitigation Pond Construction
9,500
-0-
Sediment Pond Construction (Including wall)
14,500
-0-
Street Signs (3 x 200)
600
-0-
Site Grading and Drainage Improvements
(Except City Proj. No's 213 & 907)
164,000
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
2,900
-0-
Design, Administration, Inspection, As-Builts
62,707
24
TOTAL
$585,267
$224
That the required financial guarantee for the above items be reduced as detailed above from $1,120 to $224 to
reflect the completed work. Letter of Credit No. 13279 may be reduced accordingly.
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RESOLUTION NO. 99-232
SAVANNAH ADDITION (93112)
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. 13277:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $1,000
$45,500 $3,000
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash with
the financial guarantee being reduced from $11,375 to $3,000. Letter of Credit No. 13277 may be reduced
accordingly.
Adopted by the City Council on May 18, 1999
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-232_59427\CCR 1999-232.doc