HomeMy WebLinkAboutCity Council Resolution 1999-467RESOLUTION NO. 99-467
REDUCING REQUIRED FINANCIAL GUARANTEE
PLUM TREE EAST 3p' ADDITION (98129)
WHEREAS, in accordance with the development contract dated July 13, 1999, Lundgren Bros. Construction,
Inc., developer of Plum Tree East 3rd Addition (98129), 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 $372,579 to
$77,795 to reflect the completed work. The required financial guarantee may be reduced accordingly.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-467_59666ACCR 1999-467.doc
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 81,000
$ 16,200
Sanitary Sewer
40,000
8,000
Watermain
28,000
5,600
Storm Sewer
65,000
13,000
Boulevard and Drainage Swale Sod
4,200
4,200
Mitigation Pond Construction
2,000
2,000
NURP Pond Construction
10,000
0
Street Signs (1 x 200)
200
200
Site Grading and Drainage Improvements
87,000
5,000
Park and Trail Improvements
14,000
14,000
Setting Iron Monuments
1,260
1,260
Design, Administration, Inspection, As-Builts
39,919
8,335
TOTAL
$ 372,579
$ 77,795
That the required financial guarantee for the above items be reduced as detailed above from $372,579 to
$77,795 to reflect the completed work. The required financial guarantee may be reduced accordingly.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-467_59666ACCR 1999-467.doc
RESOLUTION NO. 99-467
PLUM TREE EAST 3" ADDITION (98129)
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
13,300 $ 6,650
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 $13,300 to $6,650. 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 1999-467_59666ACCR 1999-467.doc