HomeMy WebLinkAboutCity Council Resolution 2000-318RESOLUTION NO. 2000-318
REDUCING REQUIRED FINANCIAL GUARANTEE
PIKE LAKE WOODS ADDITION (97079)
WHEREAS, in accordance with the development contract dated December 4, 1997, Pike Lake Woods, Inc.,
developer of Pike Lake Woods Addition (97079), 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 $65,052 to
$14,500 to reflect the completed work. Letter of Credit No. 465 may be reduced accordingly.
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ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 68,399
$ -0-
Sanitary Sewer
50,264
-0-
Watermain
36,105
-0-
Storm Sewer
27,201
-0-
Boulevard and Drainage Swale Sod
4,800
3,500
Mitigation Pond Construction
-0-
-0-
NURP Pond Construction
7,086
1,415
Street Signs (1 x 200)
200
-0-
Site Grading and Drainage Improvements
40,154
8,031
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
2,000
-0-
Design, Administration, Inspection, As-Builts
28,345
1,554
TOTAL
$ 264,554
$ 14,500
That the required financial guarantee for the above items be reduced as detailed above from $65,052 to
$14,500 to reflect the completed work. Letter of Credit No. 465 may be reduced accordingly.
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RESOLUTION NO. 2000-318
PIKE LAKE WOODS ADDITION (97079)
Page Two
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items per Section
8.1 of the approved development contract remain as follows:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Financial Guarantee (cash):
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 10,400 $ 10,400
FURTHER BE IT RESOLVED that the watermain, sanitary sewer and storm sewer construction is accepted
for continual maintenance as of June 27, 2000 subject to the two year guarantee by the Developer per
Maintenance Bond No. 929-150-213 issued by American Casualty Company of Reading Pennsylvania.
FURTHER BE IT RESOLVED that the street construction is accepted for continual maintenance as of June
27, 2000 subject to the one year guarantee by the Developer per Maintenance Bond No. 929-150-214 issued
by American Casualty Company of Reading Pennsylvania.
Adopted by the City Council on June 27, 2000.
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