HomeMy WebLinkAboutCity Council Resolution 1999-261RESOLUTION NO. 99-261
REDUCING REQUIRED FINANCIAL GUARANTEE
PLUM TREE ADDITION (94162)
WHEREAS, in accordance with the development contract dated April 18, 1996, Lundgren Brothers
Construction, Inc., developer of Plum Tree Addition (94162), 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 $8,960 to $6,272
to reflect the completed work. Letter of Credit No. FGAC-99140 may be reduced accordingly.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-261_59456ACCR 1999-261.doc
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 157,000
$ -0-
Sanitary Sewer
130,000
-0-
Watermain
119,000
-0-
Storm Sewer
63,000
-0-
Boulevard and Drainage Swale Sod
7,600
1,600
Mitigation Pond Construction
4,000
4,000
NURP Pond Construction
7,000
-0-
Street Signs (3 x 200)
600
-0-
Site Grading and Drainage Improvements
160,000
-0-
Park and Trail Improvements
29,212
-0-
Setting Iron Monuments
3,000
-0-
Design, Administration, Inspection, As-Builts
81,649
672
TOTAL
$ 762,061
$ 6,272
That the required financial guarantee for the above items be reduced as detailed above from $8,960 to $6,272
to reflect the completed work. Letter of Credit No. FGAC-99140 may be reduced accordingly.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-261_59456ACCR 1999-261.doc
RESOLUTION NO. 99-261
PLUM TREE ADDITION (94162)
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. FGAC-99139:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 29,750 $ 3,000
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash with
the required financial guarantee being reduced from $7,450 to $3,000. Letter of Credit No. FGAC-99139
may be reduced accordingly.
Adopted by the City Council on June 1, 1999.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-261_59456ACCR 1999-261.doc