HomeMy WebLinkAboutCity Council Resolution 1999-532RESOLUTION NO. 99-532
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 remain as detailed above in the amount of $2,240 to
reflect the completed work. The financial guarantee, in this case Subdivision Bond No. 131642, must remain
at $3,360 ($2,240 X 150%).
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-532_59731\CCR 1999-532.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 remain as detailed above in the amount of $2,240 to
reflect the completed work. The financial guarantee, in this case Subdivision Bond No. 131642, must remain
at $3,360 ($2,240 X 150%).
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RESOLUTION NO. 99-532
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 be reduced as follows:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 98-07:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 16,100 $ 8,000
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 $16,100 to $8,000. Letter of Credit No. 98-07 may be reduced
accordingly.
FURTHER BE IT RESOLVED that the sanitary sewer, watermain, and storm sewer construction is accepted
for continual maintenance as of December 21, 1999 subject to the two year guarantee by the Developer per
Maintenance Bond No. 54103409 issued by United Fire and Casualty Company.
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. 54103409
issued by United Fire and Casualty Company.
Adopted by the City Council on December 21, 1999.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-532_59731\CCR 1999-532.doc