HomeMy WebLinkAboutCity Council Resolution 2000-508RESOLUTION NO. 2000-508
REDUCING REQUIRED FINANCIAL GUARANTEE
THE VILLAGE AT BASSETT CREEK (97080)
WHEREAS, in accordance with the development contract dated September 3, 1998, The Rottlund Company,
Inc., developer of The Village At Bassett Creek (97080), 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, in this case a bond, be reduced as detailed above
from $469,077 (312,718 x 150%) to $302,729 (201,819 x 150%) to reflect the completed work. In addition
the bond serves as the surety for the City's Tax Increment Contract for Private Development with The
Rottlund Company, Inc. The Tax Increment Contract surety is no longer necessary so Subdivision Bond No.
1264888 may be reduced from $1,219,077 to $302,728.
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ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 92,278
$ 18,456
Sanitary Sewer
25,229
5,046
Watermain
27,597
5,519
Storm Sewer
33,845
6,769
Boulevard and Drainage Swale Sod
5,400
-0-
Mitigation Pond Construction
117,906
117,906
NURP Pond Construction
48,776
-0-
Street Signs (3 x 200)
600
-0-
Site Grading and Drainage Improvements
1,754,318
25,000
Park and Trail Improvements
8,262
-0-
Setting Iron Monuments
1,500
1,500
Design, Administration, Inspection, As-Builts
253,885
21,623
TOTAL
$ 2,369,596
$ 201,819
That the required financial guarantee for the above items, in this case a bond, be reduced as detailed above
from $469,077 (312,718 x 150%) to $302,729 (201,819 x 150%) to reflect the completed work. In addition
the bond serves as the surety for the City's Tax Increment Contract for Private Development with The
Rottlund Company, Inc. The Tax Increment Contract surety is no longer necessary so Subdivision Bond No.
1264888 may be reduced from $1,219,077 to $302,728.
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RESOLUTION NO. 2000-508
THE VILLAGE AT BASSETT CREEK (97080)
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. 475:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 17,500 $ 10,000
FURTHER BE IT RESOLVED that the financial guarantee for the above items be remain at $1,000 cash
with Letter of Credit No. 475 being reduced from $17,500 to $10,000. The financial guarantee may be
reduced accordingly.
Adopted by the City Council on October 10, 2000.
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