HomeMy WebLinkAboutCity Council Resolution 1999-527RESOLUTION NO. 99-527
REDUCING REQUIRED FINANCIAL GUARANTEE
WESTBRANCH 2ND ADDITION (94045)
WHEREAS, in accordance with the development contract dated June 30, 1994, U.S. Homes Corporation,
developer of Westbranch 2nd Addition (94045), 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:
ITEM
ORIGINAL
NEW
AMOUNT
AMOUNT
Street Construction
$342,000
$-0-
(Excluding City Proj. No. 308)
Sanitary Sewer
183,000
-0-
Watermain
136,000
-0-
Storm Sewer
46,000
-0-
Boulevard and Drainage Swale Sod
22,000
-0-
Mitigation Pond Construction
-0-
-0-
Sediment Pond Construction
3,700
-0-
Street Signs (9 x 200)
1,800
-0-
Site Grading and Drainage Improvements
240,300
-0-
Park and Trail Improvements
11,700
-0-
Setting Iron Monuments
7,000
-0-
Design, Administration, Inspection, As-Builts
119,220
-0-
TOTAL
$1,112,720
$-0-
That the required financial guarantee for the above items be reduced as detailed above from $96,432 to $0
(zero) to reflect the completed work. Letter of Credit No. FGAC-94073 may be reduced accordingly and will
be released by the Finance Department.
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RESOLUTION NO. 99-527
WESTBRANCH 2ND ADDITION (94045)
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 (Includes financial guarantee for
Westbranch 3rd Addition (94046))
Cash:
Letter of Credit No. 94034:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $1,000
$90,750 $5,000
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash with
the required financial guarantee being reduced from $45,000 to $5,000. Letter of Credit No. FGAC 94034
may be reduced accordingly.
FURTHER BE IT RESOLVED that the street construction is accepted for continual maintenance as of
December 21, 1999.
Adopted by the City Council on December 21, 1999.
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