HomeMy WebLinkAboutCity Council Resolution 1999-299RESOLUTION NO. 99-299
REDUCING REQUIRED FINANCIAL GUARANTEE
SILVERTHORNE 4TH ADDITION (97133)
WHEREAS, in accordance with the development contract dated July 8, 1998, Laurent Land Development,
Inc., developer of Silverthorne 4th Addition (97133), 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 $904,439 to
$215,005 to reflect the completed work. The required financial guarantee may be reduced accordingly.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-299_59494\CCR 1999-299.doc
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 157,472
$ 34,619
Sanitary Sewer
61,178
12,236
Watermain
73,370
14,674
Storm Sewer
99,903
19,981
Boulevard and Drainage Swale Sod
6,400
6,400
Mitigation Pond Construction
6,650
6,650
Drainage Pond Construction
35,468
7,094
Street Signs (4 x 200)
800
800
Site Grading and Drainage Improvements
345,974
69,195
Park and Trail Improvements
18,400
18,400
Setting Iron Monuments
1,920
1,920
Design, Administration, Inspection, As-Builts
96,904
23,036
TOTAL
$ 904,439
$ 215,005
That the required financial guarantee for the above items be reduced as detailed above from $904,439 to
$215,005 to reflect the completed work. The required financial guarantee may be reduced accordingly.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-299_59494\CCR 1999-299.doc
RESOLUTION NO. 99-299
SILVERTHORNE 4TH ADDITION (97133)
Page Two
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items per Section
8.1 of the approved development contract remain as follows:
ORIGINAL NEW
ITEM AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash: $ 1,000 $ 1,000
Letter of Credit No. 91200000362: $ 43,765 $ 43,765
Adopted by the City Council on July 6, 1999.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-299_59494\CCR 1999-299.doc