HomeMy WebLinkAboutCity Council Resolution 1999-466RESOLUTION NO. 99-466
REDUCING REQUIRED FINANCIAL GUARANTEE
PLUM TREE EAST 2ND ADDITION (98128)
WHEREAS, in accordance with the development contract dated September 3, 1998, Lundgren Bros.
Construction, Inc., developer of Plum Tree East 2nd Addition (98128), 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 $592,357 to
$92,837 to reflect the completed work. Letter of Credit No. FGAC-99222 may be reduced accordingly.
Letter of Credit No. FGAC-99222 is the financial guarantee for Plum Tree East Addition (94090) and Plum
Tree East 2nd Addition (98128) and must maintain a balance equal to the sum of the two projects'
requirements. Letter of Credit No. FGAC-9922 may be reduced accordingly.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-466_59665\CCR 1999-466.doc
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 137,000
$ 27,400
Sanitary Sewer
84,000
16,800
Watermain
53,000
10,600
Storm Sewer
46,000
9,200
Boulevard and Drainage Swale Sod
5,400
5,400
Mitigation Pond Construction
6,000
6,000
N URP Pond Construction
-0-
-0-
Street Signs (3 x $200)
600
600
Site Grading and Drainage Improvements
170,000
-0-
Sidewalk
25,000
5,000
Setting Iron Monuments
1,890
1,890
Design, Administration, Inspection, As-Builts
63,467
9,947
TOTAL
$ 592,357
$ 92,837
That the required financial guarantee for the above items be reduced as detailed above from $592,357 to
$92,837 to reflect the completed work. Letter of Credit No. FGAC-99222 may be reduced accordingly.
Letter of Credit No. FGAC-99222 is the financial guarantee for Plum Tree East Addition (94090) and Plum
Tree East 2nd Addition (98128) and must maintain a balance equal to the sum of the two projects'
requirements. Letter of Credit No. FGAC-9922 may be reduced accordingly.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-466_59665\CCR 1999-466.doc
RESOLUTION NO. 99-466
PLUM TREE EAST 2ND ADDITION (98128)
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
Cash:
Letter of Credit No. FGAC-99132:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 25,850 $ 13,000
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash with a
separate letter of credit being reduced from $25,850 to $13,000. Letter of Credit No. FGAC-99132 is the
financial guarantee for Plum Tree East Addition (94090), Plum Tree East 2nd Addition (98128), Plum Tree
East 3rd Addition (98129) and Plum Tree East 4th Addition (98130) and must maintain a balance equal to the
sum of the four projects' requirements. Letter of Credit No. FGAC-99132 may be reduced accordingly.
Adopted by the City Council on November 2, 1999.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-466_59665\CCR 1999-466.doc