HomeMy WebLinkAboutCity Council Resolution 2000-260RESOLUTION NO. 2000-260
REDUCING REQUIRED FINANCIAL GUARANTEE
SILVERTHORNE 4TH ADDITION (97133)
WHEREAS, in accordance with the development contract dated July 8, 1998, Laurent Land Development,
Inc., developer of Silverthorne 4th Addition (97133), 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:
That the required financial guarantee for the above items be reduced as detailed above from $215,005 to
$120,803 to reflect the completed work. Letter of Credit No. 29988-B may be reduced accordingly.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 2000-260_67144\CCR 2000-260.doc
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 157,472
$ 34,619
Sanitary Sewer
61,178
12,236
Watermain
73,370
14,674
Storm Sewer
99,903
19,981
Boulevard and Drainage Swale Sod
6,400
6,400
Mitigation Pond Construction
6,650
6,650
Drainage Pond Construction
35,468
-0-
Street Signs (4 x 200)
800
-0-
Site Grading and Drainage Improvements
345,974
10,000
Park and Trail Improvements
18,400
2,500
Setting Iron Monuments
1,920
800
Design, Administration, Inspection, As-Builts
96,904
12,943
TOTAL
$ 904,439
$ 120,803
That the required financial guarantee for the above items be reduced as detailed above from $215,005 to
$120,803 to reflect the completed work. Letter of Credit No. 29988-B may be reduced accordingly.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 2000-260_67144\CCR 2000-260.doc
RESOLUTION NO. 2000-260
SILVERTHORNE 4TH ADDITION (97133)
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. 91200000362:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 43,765 $ 30,000
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain in the amount of
$1,000 cash with Letter of Credit No. 91200000362 being reduced from $43,765 to $30,000. The financial
guarantee may be reduced accordingly.
Adopted by the City Council on May 23, 2000.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 2000-260_67144\CCR 2000-260.doc