HomeMy WebLinkAboutCity Council Resolution 2000-546CITY OF PLYMOUTH
RESOLUTION NO. 2000-546
REDUCING REQUIRED FINANCIAL GUARANTEE
SILVERTHORNE 4TH ADDITION (97133)
WHEREAS, in accordance with the development contract dated July 8, 1998, Laurent Land Development,
Inc., developer of Silverthorne 4th Addition (97133), 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 $120,803 to
$25,816 to reflect the completed work. Letter of Credit No. 29988-B may be reduced accordingly.
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ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 157,472
$ -0-
Sanitary Sewer
61,178
-0-
Watermain
73,370
-0-
Storm Sewer
99,903
-0-
Boulevard and Drainage Swale Sod
6,400
6,400
Mitigation Pond Construction
6,650
6,650
Drainage Pond Construction
35,468
-0-
Street Signs (4 x 200)
800
-0-
Site Grading and Drainage Improvements
345,974
10,000
Park and Trail Improvements
18,400
-0-
Setting Iron Monuments
1,920
-0-
Design, Administration, Inspection, As-Builts
96,904
2,766
TOTAL
$ 904,439
$ 25,816
That the required financial guarantee for the above items be reduced as detailed above from $120,803 to
$25,816 to reflect the completed work. Letter of Credit No. 29988-B may be reduced accordingly.
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RESOLUTION NO. 2000-546
SILVERTHORNE 4TH ADDITION (97133)
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 Silverthorne 5th
Addition - (99075)]
Cash:
Letter of Credit No. 91200000362:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 43,765 $ 15,000
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain in the amount of
$1,000 cash with Letter of Credit No. 91200000362 being reduced from $30,000 to $15,000. The financial
guarantee may be reduced accordingly.
FURTHER BE IT RESOLVED that the financial guarantee for installation of sidewalk along Schmidt Lake
Road be reduced from $10,212 to $0 (zero) to reflect project changes and completed work. Letter of Credit
No. 29988-A may be reduced accordingly and will be released by the Finance Department.
FURTHER BE IT RESOLVED that the watermain, sanitary sewer, storm sewer and street construction is
accepted for continual maintenance as of November 14, 2000 subject to the two year guarantee by the
Developer per Maintenance Bond No. 929151198 issued by National Fire Insurance Company of Hartford.
Adopted by the City Council on November 14, 2000.
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