HomeMy WebLinkAboutCity Council Resolution 1999-531RESOLUTION NO. 99-531
REDUCING REQUIRED FINANCIAL GUARANTEE
CONOR MEADOWS PLAT TWO (96150)
WHEREAS, in accordance with the development contract dated June 24, 1998, Centex Homes, a Nevada
General Partnership, developer of Conor Meadows Plat Two (96150), 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 $92,036 to
$63,840 to reflect the completed work. Subdivision Bond No. 5943980 submitted for the financial guarantee
may be reduced from $138,054 (150% x $92,036) to $95,760 (150% x $63,840).
C:ADoc=cnts and Settings\lbaird\Local Settings\Temp\CCR 1999-531_59730ACCR 1999-531.doc
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 57,130
$ -0-
Sanitary Sewer
98,235
-0-
Watermain
59,215
-0-
Storm Sewer
132,160
-0-
Boulevard and Drainage Swale Sod
5,000
1,000
Mitigation Pond Construction
5,000
5,000
NURP Pond Construction
5,875
-0-
Street Signs (200)
-0-
-0-
Site Grading and Drainage Improvements
137,237
50,000
Park and Trail Improvements
9,270
-0-
Setting Iron Monuments
1,500
1,000
Design, Administration, Inspection, As-Builts
61,275
6,840
TOTAL
$ 571,897
$ 63,840
That the required financial guarantee for the above items be reduced as detailed above from $92,036 to
$63,840 to reflect the completed work. Subdivision Bond No. 5943980 submitted for the financial guarantee
may be reduced from $138,054 (150% x $92,036) to $95,760 (150% x $63,840).
C:ADoc=cnts and Settings\lbaird\Local Settings\Temp\CCR 1999-531_59730ACCR 1999-531.doc
RESOLUTION NO. 99-531
CONOR MEADOWS PLAT TWO (96150)
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:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning (Includes Conor Meadows
Plat 3 (98092))
Cash:
Letter of Credit No. 042197:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 21,000 $ 21,000
FURTHER BE IT RESOLVED that the street construction is accepted for continual maintenance as of
December 21, 1999 subject to the one year guarantee by the Developer per Maintenance Bond No. 54101393
issued by United Fire and Casualty Company.
Adopted by the City Council on December 21, 1999.
C:ADoc=cnts and Settings\lbaird\Local Settings\Temp\CCR 1999-531_59730ACCR 1999-531.doc