HomeMy WebLinkAboutCity Council Resolution 1999-262RESOLUTION NO. 99-262
REDUCING REQUIRED FINANCIAL GUARANTEE
PLUM TREE 2ND ADDITION (96103)
WHEREAS, in accordance with the development contract dated August 22, 1996, Lundgren Brothers
Construction, Inc., developer of Plum Tree 2nd Addition (96103), 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 $17,640 to
$5,600 to reflect the completed work. Letter of Credit No. 16241 may be reduced accordingly.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-262_5945 \CCR 1999-262.doc
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 60,720
$ -0-
Sanitary Sewer
20,100
-0-
Watermain
39,980
-0-
Storm Sewer
41,170
-0-
Boulevard and Drainage Swale Sod
3,800
-0-
Mitigation Pond Construction
3,000
3,000
NURP Pond Construction
7,000
-0-
Street Signs (1 x 200)
200
-0-
Site Grading and Drainage Improvements
223,000
2,000
Park and Trail Improvements
8,350
-0-
Setting Iron Monuments
1,520
-0-
Design, Administration, Inspection, As-Builts
49,061
600
TOTAL
$ 475,901
$ 5,600
That the required financial guarantee for the above items be reduced as detailed above from $17,640 to
$5,600 to reflect the completed work. Letter of Credit No. 16241 may be reduced accordingly.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-262_5945 \CCR 1999-262.doc
RESOLUTION NO. 99-262
PLUM TREE 2ND ADDITION (96103)
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 (includes Plum Tree 3rd Add.)
Cash:
Letter of Credit No. 15797:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $1,000
$35,000 $5,000
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 $17,500 to $5,000. Letter of Credit No. 15797 may be
reduced accordingly.
Adopted by the City Council on June 1, 1999.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-262_5945 \CCR 1999-262.doc