HomeMy WebLinkAboutCity Council Resolution 1999-399RESOLUTION NO. 99-399
REDUCING REQUIRED FINANCIAL GUARANTEE
SHORES OF KRAETZ LAKE ADDITION (94135)
WHEREAS, in accordance with the development contract dated January 18, 1995, Abingdon Development
Corporation, developer of Shores of Kraetz Lake Addition (94135), 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 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
$ 119,780
$ -0-
Sanitary Sewer
59,680
-0-
Watermain
48,380
-0-
Storm Sewer
45,430
-0-
Boulevard and Drainage Swale Sod
3,200
-0-
Mitigation Pond Construction
-0-
-0-
NURP Pond Construction
6,750
-0-
Street Signs (2 x 200)
400
-0-
Site Grading and Drainage Improvements
61,100
-0-
Park and Trail Improvements
1,450
-0-
Setting Iron Monuments
2,000
-0-
Design, Administration, Inspection, As-Builts
41,780
-0-
TOTAL
$ 389,950
$ -0-
That the required financial guarantee for the above items be reduced as detailed above from $16,699 to $0
(zero) to reflect the completed work. In this case Bond No. 81049 may be reduced from $25,049 ($16,699 x
150%) to $0 (zero) and will be released by the Finance Department.
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RESOLUTION NO. 99-399
SHORES OF KRAETZ LAKE ADDITION (94135)
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 ORIGINAL NEW
AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash: $1,000 $1,000
Letter of Credit No. 28951-A: $13,000 $3,250
Adopted by the City Council on September 21, 1999.
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