HomeMy WebLinkAboutCity Council Resolution 2000-547CITY OF PLYMOUTH
RESOLUTION NO. 2000-547
REDUCING REQUIRED FINANCIAL GUARANTEE
SILVERTHORNE 5TH ADDITION (99075)
WHEREAS, in accordance with the development
Development, Inc., developer of Silverthorne 5th
improvements for said development; and
contract dated September 8, 1999, Laurent Land
Addition (99075), has agreed to install certain
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 $18,433 to
$2,688 to reflect the completed work. Letter of Credit No. 30388-A may be reduced accordingly.
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ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 37,021
$ -0-
Sanitary Sewer
13,702
-0-
Watermain
17,515
-0-
Storm Sewer
1,313
-0-
Boulevard and Drainage Swale Sod
2,400
2,400
Mitigation Pond Construction
-0-
-0-
N URP Pond Construction
-0-
-0-
Street Signs (200)
-0-
-0-
Site Grading and Drainage Improvements
-0-
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
745
-0-
Design, Administration, Inspection, As-Builts
8,724
288
TOTAL
$ 81,420
$ 2,688
That the required financial guarantee for the above items be reduced as detailed above from $18,433 to
$2,688 to reflect the completed work. Letter of Credit No. 30388-A may be reduced accordingly.
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RESOLUTION NO. 2000-547
SILVERTHORNE 5TH ADDITION (99075)
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 [Included in Silverthorne 4th
Addition — (97133)]
Cash:
Financial Guarantee:
ORIGINAL NEW
AMOUNT AMOUNT
$ -0- $-0-
$-0-
-0-
$-0- $ -0-
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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