HomeMy WebLinkAboutCity Council Resolution 1999-506RESOLUTION NO. 99-506
REDUCING REQUIRED FINANCIAL GUARANTEE
BRIDGID GLEN ADDITION (98063)
WHEREAS, in accordance with the development contract dated August 20, 1998, JANCO, Inc., developer
of Bridgid Glen Addition (98063), 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 $56,652 to
$2,240 to reflect the completed work. The financial guarantee, in this case Subdivision Bond No. 131642,
may be reduced from $84,978 ($56,652 X 150%) to $3,360 ($2,240 X 150%).
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-506_59705\CCR 1999-506.doc
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 56,230
$ -0-
Sanitary Sewer
39,557
-0-
Watermain
53,180
-0-
Storm Sewer
21,580
-0-
Boulevard and Drainage Swale Sod
3,400
1,800
Mitigation Pond Construction
-0-
-0-
NURP Pond Construction
6,000
-0-
Street Signs (1 x 200)
200
200
Site Grading and Drainage Improvements
58,800
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
1,050
-0-
Design, Administration, Inspection, As-Builts
28,800
240
TOTAL
$ 268,797
$ 2,240
That the required financial guarantee for the above items be reduced as detailed above from $56,652 to
$2,240 to reflect the completed work. The financial guarantee, in this case Subdivision Bond No. 131642,
may be reduced from $84,978 ($56,652 X 150%) to $3,360 ($2,240 X 150%).
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-506_59705\CCR 1999-506.doc
RESOLUTION NO. 99-506
BRIDGID GLEN ADDITION (98063)
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:
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. 98-07: $ 16,100 $ 16,100
Adopted by the City Council on December 7, 1999.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-506_59705\CCR 1999-506.doc