HomeMy WebLinkAboutCity Council Resolution 2000-544CITY OF PLYMOUTH
RESOLUTION NO. 2000-544
REDUCING REQUIRED FINANCIAL GUARANTEE
ROCKFORD GLEN ADDITION (94155)
WHEREAS, in accordance with the development contract dated August 8, 1995, Janco, Inc. and Rottlund
Company, Inc. and Arnold J. Wentland and Janet E. Wentland, developers of Rockford Glen Addition
(94155), have 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
$240,000
$ -0-
(excluding City Proj. No's 502 & 503)
Sanitary Sewer
226,000
-0-
(excluding City Proj. No's 502 & 503)
Watermain
226,000
-0-
(excluding City Proj. No's 502 & 503)
Storm Sewer
133,750
-0-
Boulevard and Drainage Swale Sod
12,400
-0-
Mitigation Pond Construction
18,000
18,000
NURP Pond Construction
14,000
-0-
Street Signs (6 x 200)
1,200
-0-
Site Grading and Drainage Improvements
357,000
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
6,650
-0-
Design, Administration, Inspection, As-Builts
148,200
2,160
TOTAL
$1,383,200
$20,160
That the required financial guarantee for the above items be reduced as detailed above from $23,890 to
$20,160 to reflect the completed work. In this case Development Bond No. 86541 may be reduced to
$30,240 ($20,160 x 150% = $30,240).
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RESOLUTION NO. 2000-544
ROCKFORD GLEN ADDITION (94155)
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:
Cash in lieu of a letter of credit:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $-0-
$30,050 $-0-
FURTHER BE IT RESOLVED that the financial guarantee for the above items be reduced from $1,000 cash
and cash in lieu of a letter of credit in the amount of $5,000 to $0 (zero). The financial guarantee may be
reduced accordingly and will be released by the Finance Department.
Adopted by the City Council on November 14, 2000.
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