HomeMy WebLinkAboutCity Council Resolution 2000-460RESOLUTION NO. 2000-460
REDUCING REQUIRED FINANCIAL GUARANTEE
HOLLY CREEK VILLAGE ADDITION (97011)
WHEREAS, in accordance with the development contract dated April 12, 1998, Town and Country Homes,
Inc., developer of Holly Creek Village Addition (97011), 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 $1,025,328 to
$32,861 to reflect the completed work. Subdivision Bond No. 121640 in the amount of $1,537,991 (150% x
$1,025,328) may be reduced to $49,291 (150% x $32,861).
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ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 143,823
$ -0-
Sanitary Sewer
134,668
-0-
Watermain
128,140
-0-
Storm Sewer
127,607
-0-
Boulevard and Drainage Swale Sod
11,000
8,000
Mitigation Pond Construction
8,200
8,200
NURP Pond Construction
1,050
500
Wetland Buffer Posts
7,000
4,000
Street Signs (4x200)
800
-0-
Site Grading and Drainage Improvements
344,548
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
8,640
8,640
Design, Administration, Inspection, As-Builts
109,857
3,521
TOTAL
$ 1,025,328
$ 32,861
That the required financial guarantee for the above items be reduced as detailed above from $1,025,328 to
$32,861 to reflect the completed work. Subdivision Bond No. 121640 in the amount of $1,537,991 (150% x
$1,025,328) may be reduced to $49,291 (150% x $32,861).
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RESOLUTION NO. 2000-460
HOLLY CREEK VILLAGE (97011)
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:
Letter of Credit No. SPL36430:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 25,700 $ 25,700
FURTHER BE IT RESOLVED that the street, storm sewer, sanitary sewer and watermain construction is
accepted for continual maintenance as of September 26, 2000 subject to the Two Year Guarantee by the
Developer per Maintenance Bond No. 54099540.
Adopted by the City Council on September 26, 2000.
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