HomeMy WebLinkAboutCity Council Resolution 2000-197RESOLUTION NO. 2000-197
REDUCING REQUIRED FINANCIAL GUARANTEE
SUGAR HILLS 3RD ADDITION (94044)
WHEREAS, in accordance with the development contract dated June 7, 1994, Eugene R. Forbragd, Darlene
R. Forbragd, Martin N. Harstad, and Janice E. Harstad, developers of Sugar Hills 3rd Addition (94044), 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 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 Projects
$170,687
$-0-
308 and 310)
Sanitary Sewer
56,169
-0-
Watermain (Including costs for difference
84,735
-0-
between 8" and 12" watermain)
Storm Sewer
53,617
-0-
Boulevard and Drainage Swale Sod
6,800
-0-
Mitigation Pond Construction
10,000
-0-
Sediment Pond Construction
15,000
-0-
Street Signs (4 x 200)
800
-0-
Site Grading and Drainage Improvements
156,000
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
2,000
-0-
Design, Administration, Inspection, As-Builts
66,697
-0-
TOTAL
$622,505
$-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. Letter of Credit No. 10913 was previously released by the Finance Department.
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RESOLUTION NO. 2000-197
SUGAR HILLS 3RD ADDITION (94044)
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. 10912:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $1,000
$14,300 $4,000
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain $1,000 cash with
Letter of Credit No. 10912 being reduced from $5,000 to $4,000. The required financial guarantee may be
reduced accordingly.
Adopted by the City Council on April 11, 2000.
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