HomeMy WebLinkAboutCity Council Resolution 2000-506RESOLUTION NO. 2000-506
REDUCING FINANCIAL GUARANTEE
PARKERS LAKE NORTH 11TH ADDITION (94032)
WHEREAS, in accordance with the development contract dated August 1, 1994, Laukka-Williams Parkers
Lake, developer of Parkers Lake North 11th Addition (94032), 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 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
$126,154
$-0-
Sanitary Sewer
73,414
-0-
Watermain
57,423
-0-
Storm Sewer
66,298
-0-
Boulevard and Drainage Swale Sod
8,200
-0-
Mitigation Pond Construction
-0-
-0-
Sediment Pond Construction
-0-
-0-
Street Signs (3 x 200)
600
-0-
Site Grading and Drainage Improvements
13,000
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
2,520
-0-
Design, Administration, Inspection, As-Builts
41,713
-0-
TOTAL
$389,322
$ -0-
That the letter of credit required for the above items be reduced as detailed above from $159,081 to $0 (zero)
to reflect the completed work. Letter of Credit No. S 402999 may be reduced accordingly and will be
released by the Finance Department.
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RESOLUTION NO. 2000-506
PARKERS LAKE NORTH 11TH ADDITION (94032)
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 Parkers Lake 12th
Addition (96065)]
Cash:
Savings Certificate No. 4300042690:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $-0-
$15,500 $-0-
FURTHER BE IT RESOLVED that the financial guarantee for the above items be reduced from $1,000 cash
and Savings Certificate No. 4300042690 in the amount of $15,500 to $0 (zero). The financial guarantee may
be reduced accordingly and will be released by the Finance Department.
FURTHER BE IT RESOLVED that the street, watermain, sanitary sewer and storm sewer construction is
accepted for continual maintenance as of October 10, 2000.
Adopted by the City Council on October 10, 2000.
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