HomeMy WebLinkAboutCity Council Resolution 1999-322RESOLUTION NO. 99-322
REDUCING REQUIRED FINANCIAL GUARANTEE
ROCKFORD GLEN ADDITION (94155)
WHEREAS, in accordance with the development contract dated August 8, 1995, Janco, Inc. and Rottlund
Company, Inc. and Arnold J. Wentland and Janet E. Wentland, developers of Rockford Glen Addition
(94155), have 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
$240,000
$ -0-
(excluding City Proj. No's 502 & 503)
Sanitary Sewer
226,000
-0-
(excluding City Proj. No's 502 & 503)
Watermain
226,000
-0-
(excluding City Proj. No's 502 & 503)
Storm Sewer
133,750
-0-
Boulevard and Drainage Swale Sod
12,400
-0-
Mitigation Pond Construction
18,000
18,000
NURP Pond Construction
14,000
-0-
Street Signs (6 x 200)
1,200
-0-
Site Grading and Drainage Improvements
357,000
2,000
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
6,650
1,330
Design, Administration, Inspection, As-Builts
148,200
2,560
TOTAL
$1,383,200
$23,890
That the required financial guarantee for the above items be reduced as detailed above from $51,760 to
$23,890 to reflect the completed work. In this case Development Bond No. 86541 may be reduced to
$35,835 ($23,890 x 150% = $35,835).
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RESOLUTION NO. 99-322
ROCKFORD GLEN ADDITION (94155)
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:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Cash in lieu of a letter of credit:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $1,000
$30,050 $5,000
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash with
the cash in lieu of a letter of credit being reduced from $10,000 to $5,000. The financial guarantee may be
reduced accordingly.
Adopted by the City Council on August 3, 1999.
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