HomeMy WebLinkAboutCity Council Resolution 2000-458RESOLUTION NO. 2000-458
REDUCING REQUIRED FINANCIAL GUARANTEE
SAVANNAH ADDITION (93112)
WHEREAS, in accordance with the development contract dated June 22, 1994, Lundgren Bros.
Construction, Inc., developer of Savannah Addition (93112), 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
(Except City Proj. No's 213 & 907)
$99,660
$-0-
Sanitary Sewer
(Except City Proj. No's 213 & 907)
101,420
-0-
Watermain
(Except City Proj. No's 213 & 907)
80,410
-0-
Storm Sewer
42,570
-0-
Boulevard and Drainage Swale Sod
7,000
-0-
Mitigation Pond Construction
9,500
-0-
Sediment Pond Construction (Including wall)
14,500
-0-
Street Signs (3 x 200)
600
-0-
Site Grading and Drainage Improvements
(Except City Proj. No's 213 & 907)
164,000
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
2,900
-0-
Design, Administration, Inspection, As-Builts
62,707
-0-
TOTAL
$585,267
$-0-
That the required financial guarantee for the above items be reduced as detailed above from $224 to $0 (zero)
to reflect the completed work. Letter of Credit No. 13279 may be reduced accordingly and will be released
by the Finance Department.
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RESOLUTION NO. 2000-458
SAVANNAH ADDITION (93112)
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 [Includes Savannah 2nd
Addition(95021)]
Cash:
Letter of Credit No. 13277:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $-0-
$45,500 $-0-
FURTHER BE IT RESOLVED that the financial guarantee for the above items be reduced from $1,000 cash
and Letter of Credit No. 13277 in the amount of $3,000 to $0 (zero). The financial guarantee may be reduced
accordingly and will be released by the Finance Department.
Adopted by the City Council on September 26, 2000.
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