Loading...
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. C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-232_59427\CCR 1999-232.doc 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