HomeMy WebLinkAboutCity Council Resolution 2000-195RESOLUTION NO. 2000-195
REDUCING FINANCIAL GUARANTEE
SUGAR HILLS ADDITION (92056)
WHEREAS, in accordance with the development contract dated October 21, 1992, Eugene R. Forbragd and
Darlene R. Forbragd, developers of Sugar Hills Addition (92056), have agreed to install certain improvements
for said development; and
WHEREAS, the developers have completed a portion of the street, utility and site grading as noted below;
and
WHEREAS, the developers have 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:
ITEM
ORIGINAL
NEW
AMOUNT
AMOUNT
Street Construction (except City Proj. No. 301)
$ 51,235
$-0-
Restoration - Vicksburg Lane/37th Ave.
9,280
-0-
Sanitary Sewer
28,595
-0-
Watermain
21,595
-0-
Storm Sewer
24,435
-0-
Watermain/Storm Sewer Vicksburg Ln./37th Ave.
9,007
-0-
Boulevard and Drainage Swale Sod
2,600
-0-
Pond or Ditch Construction
-0-
-0-
Street Signs (2 x 150)
300
-0-
Site Grading and Drainage Improvements
25,720
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
2,500
-0-
Design, Administration, Inspection, As-Builts
20,732
-0-
TOTAL
$195,999
$-0-
That the letter of credit required for the above items was previously reduced as detailed above to $0 (zero) to
reflect the completed work and Letter of Credit No. 10907 was released by the Finance Department.
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RESOLUTION NO. 2000-195
SUGAR HILLS ADDITION (92056)
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 $-0-
$3,100 $-0-
FURTHER BE IT RESOLVED that the financial guarantee for the above items be reduced from $1,000 cash
and a separate financial guarantee in this case cash in the amount of $3,100 to $0 (zero). The required
financial guarantee may be reduced accordingly and will be released by the Finance Department.
Adopted by the City Council on April 11, 2000.
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