HomeMy WebLinkAboutCity Council Resolution 1999-400Do not reduce below $2.9 million without approval from Ed Goldsmith! Consult on all reductions.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-400_59595\CCR 1999-400.doc
RESOLUTION NO. 99-400
REDUCING REQUIRED FINANCIAL GUARANTEE
THE VILLAGE AT BASSETT CREEK (97080)
WHEREAS, in accordance with the development contract dated September 3, 1998, The Rottlund Company,
Inc., developer of The Village At Bassett Creek (97080), 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, in this case a bond, be reduced as detailed above
from $3,554,394 (2,369,596 x 150%) to $469,077 (312,718 x 150%) to reflect the completed work. In
addition the bond serves as the surety for the City's Tax Increment Contract for Private Development with
The Rottlund Company, Inc. The current amount required for the surety under this contract is $750,000.
Subdivision Bond No. 1264888 may be reduced to $1,219,077 (469,077 + $750,000).
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-400_59595\CCR 1999-400.doc
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 92,278
$ 18,456
Sanitary Sewer
25,229
5,046
Watermain
27,597
5,519
Storm Sewer
33,845
6,769
Boulevard and Drainage Swale Sod
5,400
5,400
Mitigation Pond Construction
117,906
117,906
NURP Pond Construction
48,776
9,755
Street Signs (3 x 200)
600
600
Site Grading and Drainage Improvements
1,754,318
100,000
Park and Trail Improvements
8,262
8,262
Setting Iron Monuments
1,500
1,500
Design, Administration, Inspection, As-Builts
253,885
33,505
TOTAL
$ 2,369,596
$ 312,718
That the required financial guarantee for the above items, in this case a bond, be reduced as detailed above
from $3,554,394 (2,369,596 x 150%) to $469,077 (312,718 x 150%) to reflect the completed work. In
addition the bond serves as the surety for the City's Tax Increment Contract for Private Development with
The Rottlund Company, Inc. The current amount required for the surety under this contract is $750,000.
Subdivision Bond No. 1264888 may be reduced to $1,219,077 (469,077 + $750,000).
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-400_59595\CCR 1999-400.doc
RESOLUTION NO. 99-400
THE VILLAGE AT BASSETT CREEK (97080)
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 remain 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. 475: $ 17,500 $ 17,500
Adopted by the City Council on September 21, 1999.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-400_59595\CCR 1999-400.doc