HomeMy WebLinkAboutCity Council Resolution 2000-042RESOLUTION NO. 2000-042
REDUCING REQUIRED FINANCIAL GUARANTEE
SHORES OF KRAETZ LAKE ADDITION (94135)
WHEREAS, in accordance with the development contract dated January 18, 1995, Abingdon Development
Corporation, developer of Shores of Kraetz Lake Addition (94135), 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 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
$ 119,780
$ -0-
Sanitary Sewer
59,680
-0-
Watermain
48,380
-0-
Storm Sewer
45,430
-0-
Boulevard and Drainage Swale Sod
3,200
-0-
Mitigation Pond Construction
-0-
-0-
NURP Pond Construction
6,750
-0-
Street Signs (2 x 200)
400
-0-
Site Grading and Drainage Improvements
61,100
-0-
Park and Trail Improvements
1,450
-0-
Setting Iron Monuments
2,000
-0-
Design, Administration, Inspection, As-Builts
41,780
-0-
TOTAL
$ 389,950
$ -0-
That the required financial guarantee for the above items was previously reduced as detailed above to $0
(zero) to reflect the completed work. Bond No. 81049 was released by the Finance Department.
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RESOLUTION NO. 2000-042
SHORES OF KRAETZ LAKE ADDITION (94135)
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. 28951-A:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $-0-
$13,000 $-0-
FURTHER BE IT RESOLVED that the financial guarantee for the above items be reduced from $1,000 cash
and Letter of Credit No. 28951-A in the amount of $3,250 to $0 (zero). The financial guarantee may be
reduced accordingly and will be released by the Finance Department.
Adopted by the City Council on January 18, 2000.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 2000-042_65348\CCR 2000-042.doc