HomeMy WebLinkAboutCity Council Resolution 2000-061RESOLUTION NO. 2000-061
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 was previously reduced as detailed above to
$628,146 to reflect the completed work. Subdivision Bond Numbers 137194 and 136007 must remain at
$358,043 (238,695 x 150%) and 584,176 (389,451 x 150%) respectively.
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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 was previously reduced as detailed above to
$628,146 to reflect the completed work. Subdivision Bond Numbers 137194 and 136007 must remain at
$358,043 (238,695 x 150%) and 584,176 (389,451 x 150%) respectively.
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RESOLUTION NO. 2000-061
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 be reduced as follows:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Financial Guarantee:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 95,000 $ 80,000
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash and a
separate financial guarantee reduced from $95,000 to $80,000. Letters of Credit Nos. 1332 and 504 may be
reduced from $36,100 and 58,900 to $30,400 and $49,600 respectively.
Adopted by the City Council on February 1, 2000.
C:ADoc=cnts and Settings\lbaird\Local Settings\Temp\CCR 2000-061_65367VCCR 2000-061.doc