HomeMy WebLinkAboutCity Council Resolution 1999-234RESOLUTION NO. 99-234
REDUCING REQUIRED FINANCIAL GUARANTEE
HEATHER RUN 3RD ADDITION (94058)
WHEREAS, in accordance with the development contract dated July 12, 1994, Lundgren Bros. Construction,
Inc., developer of Heather Run 3rd Addition (94058), 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
$55,800
-0-
Sanitary Sewer
28,000
-0-
Watermain
30,000
-0-
Storm Sewer
14,000
-0-
Boulevard and Drainage Swale Sod
3,000
-0-
Sediment Pond Construction
5,000
-0-
Street Signs (2 x 200)
400
-0-
Site Grading and Drainage Improvements
45,000
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
2,000
-0-
Design, Administration, Inspection, As-Builts
21,984
-0-
TOTAL
$205,184
$-0-
That the required financial guarantee for the above items was previously reduced as detailed above to $0
(zero) and Letter of Credit No. 28627-B was released by the Finance Department.
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RESOLUTION NO. 99-234
HEATHER RUN 3RD ADDITION (94058)
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. 28466-A:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $-0-
$23,300 $-0-
FURTHER BE IT RESOLVED that the financial guarantee for the above items be reduced from $1,000 cash
and a financial guarantee in the amount of $4,660 to $0 (zero). The cash and Letter of Credit No. 28466-A
may be reduced accordingly and will be released by the Finance Department.
Adopted by the City Council on May 18, 1999.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-234 59429ACCR 1999-234.doc