HomeMy WebLinkAboutCity Council Resolution 2000-196RESOLUTION NO. 2000-196
REDUCING FINANCIAL GUARANTEE
SUGAR HILLS 2ND ADDITION (93084)
WHEREAS, in accordance with the development contract dated September 7, 1993, Eugene R. Forbragd and
Darlene R. Forbragd, developers of Sugar Hills 2nd Addition (93084), 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 (Excluding City Proj.
$306,000
$-0-
No's 308 & 310)
Sanitary Sewer
125,000
-0-
Watermain
116,000
-0-
Storm Sewer
138,000
-0-
Boulevard and Drainage Swale Sod
11,000
-0-
Mitigation Pond Construction
-0-
-0-
Sediment Pond Construction
33,500
-0-
Street Signs (5 x 200)
1,000
-0-
Site Grading and Drainage Improvements
141,500
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
3,000
-0-
Design, Administration, Inspection, As-Builts
105,000
-0-
TOTAL
$980,000
$-0-
That the letter of credit required for the above items be reduced as detailed above from $2,016 to $0 (zero) to
reflect the completed work. Letter of Credit No. 10911 may be reduced accordingly and will be released by
the Finance Department.
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RESOLUTION NO. 2000-196
SUGAR HILLS 2ND ADDITION (93084)
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. 10909:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $1,000
$20,750 $5,000
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain $1,000 cash with
Letter of Credit No. 10909 being reduced from $10,375 to $5,000. The required financial guarantee may be
reduced accordingly.
Adopted by the City Council on April 11, 2000.
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