HomeMy WebLinkAboutCity Council Resolution 2000-043RESOLUTION NO. 2000-043
REDUCING REQUIRED FINANCIAL GUARANTEE
CORNERSTONE COMMONS ADDITION (98094)
WHEREAS, in accordance with the development contract dated November 30, 1998, Elim Care Foundation
and Rottland Company Inc., developers of Cornerstone Commons Addition (98094), have 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 $2,147,995 to
$628,146 to reflect the completed work. Subdivision Bond Numbers 137194 and 136007 may be reduced
from $1,224,357 (816,238 x 150%) and 1,997,635.66 (1,331,757 x 150%) to 358,043 (238,695 x 150%) and
584,176 (389,451 x 150%) respectively.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 2000-043_65349ACCR 2000-043.doc
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 320,564
$ 64,113
Sanitary Sewer
152,461
30,492
Watermain
119,017
23,803
Storm Sewer
226,813
45,363
Boulevard and Drainage Swale Sod
10,400
10,400
Wetland Enhancement
244,437
120,000
Mitigation Pond Construction
96,917
96,917
Weir Structural at Highway #55
25,000
25,000
NURP Pond Construction
44,682
6,765
Street Signs (3 x 200)
600
-0-
Site Grading and Drainage Improvements
673,712
134,742
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
3,250
3,250
Design, Administration, Inspection, As-Builts
230,142
67,301
TOTAL
$ 2,147,995
$ 628,146
That the required financial guarantee for the above items be reduced as detailed above from $2,147,995 to
$628,146 to reflect the completed work. Subdivision Bond Numbers 137194 and 136007 may be reduced
from $1,224,357 (816,238 x 150%) and 1,997,635.66 (1,331,757 x 150%) to 358,043 (238,695 x 150%) and
584,176 (389,451 x 150%) respectively.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 2000-043_65349ACCR 2000-043.doc
RESOLUTION NO. 2000-043
CORNERSTONE COMMONS ADDITION (98094)
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:
ORIGINAL NEW
ITEM AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash: $ 1,000 $ 1,000
Financial Guarantee: $ 95,000 $ 95,000
Adopted by the City Council on January 18, 2000.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 2000-043_65349ACCR 2000-043.doc