HomeMy WebLinkAboutCity Council Resolution 1999-533RESOLUTION NO. 99-533
REDUCING REQUIRED FINANCIAL GUARANTEE
CONOR MEADOWS PLAT THREE (98092)
WHEREAS, in accordance with the development contract dated July 9, 1998, Centex Real Estate
Corporation, developer of Conor Meadows Plat Three (98092), 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 $16,016 to
$3,696 to reflect the completed work. Subdivision Bond No. 5944082 submitted for the financial guarantee
may be reduced from $24,024 (150% x $16,016) to $5,544 (150% x $3,696).
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 1999-533_59732\CCR 1999-533.doc
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 29,322
$ -0-
Sanitary Sewer
7,520
-0-
Watermain
8,445
-0-
Storm Sewer
10,700
-0-
Boulevard and Drainage Swale Sod
6,800
2,000
Mitigation Pond Construction
-0-
-0-
N URP Pond Construction
-0-
-0-
Street Signs (2 x 200)
400
-0-
Site Grading and Drainage Improvements
-0-
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
1,300
1,300
Design, Administration, Inspection, As-Builts
7,738
396
TOTAL
$ 72,225
$ 3,696
That the required financial guarantee for the above items be reduced as detailed above from $16,016 to
$3,696 to reflect the completed work. Subdivision Bond No. 5944082 submitted for the financial guarantee
may be reduced from $24,024 (150% x $16,016) to $5,544 (150% x $3,696).
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RESOLUTION NO. 99-533
CONOR MEADOWS PLAT THREE (98092)
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 (Included in Conor Meadows
Plat 2 (96150))
Cash:
Financial Guarantee:
ORIGINAL NEW
AMOUNT AMOUNT
$ -0- $-0-
$-0-
-0-
$-0- $ -0-
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 Settingsubaird\Local Settings\Temp\CCR 1999-533_59732\CCR 1999-533.doc