HomeMy WebLinkAboutCity Council Resolution 2000-238RESOLUTION NO. 2000-238
REDUCING REQUIRED FINANCIAL GUARANTEE
HEATHER RUN ADDITION (92035)
WHEREAS, in accordance with the development contract dated March 22, 1993, Lundgren Bros.
Construction, Inc., developer of Heather Run Addition (92035), has 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:
ITEM
ORIGINAL
NEW
AMOUNT
AMOUNT
Street Construction
$182,000
$-0-
County Road 24 Lane Improvements
29,300
-0-
Sanitary Sewer
144,700
-0-
Watermain
72,100
-0-
Storm Sewer
67,800
-0-
Boulevard and Drainage Swale Sod
7,200
-0-
Mitigation Pond Construction
25,000
-0-
Street Signs (4 x 200)
800
-0-
Site Grading and Drainage Improvements
192,500
-0-
Park and Trail Improvements
15,200
-0-
Setting Iron Monuments
5,000
-0-
Design, Administration, Inspection, As-Builts
88,992
-0-
TOTAL
$830,592
$-0-
That the required financial guarantee for the above items was previously reduced as detailed above to $0
(zero) to reflect the completed work. Letter of Credit No. 28153-C was reduced accordingly and was
released by the Finance Department.
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RESOLUTION NO. 2000-238
HEATHER RUN ADDITION (92035)
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. FGAC-99101:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ -0-
$27,650 $-0-
FURTHER BE IT RESOLVED that the financial guarantee for the above items be reduced from $1,000 cash
and Letter of Credit No. FGAC-99101 in the amount of $5,530 to $0 (zero). The financial guarantee may be
reduced accordingly and will be released by the Finance Department.
Adopted by the City Council on May 9, 2000.
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