HomeMy WebLinkAboutCity Council Resolution 2000-549CITY OF PLYMOUTH
RESOLUTION NO. 2000-549
REDUCING REQUIRED FINANCIAL GUARANTEE
PIKE LAKE WOODS 3p' ADDITION (98170)
WHEREAS, in accordance with the development contract dated November 5, 1998, Pike Lake Woods 2nd
Addition, Inc., developer of Pike Lake Woods 3rd Addition (98170), 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 $143,020 to
$101,866 to reflect the completed work. The required financial guarantee, in this case cash, may be reduced
accordingly.
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ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 181,137
$ 36,227
Sanitary Sewer
85,905
17,181
Watermain
63,094
12,619
Storm Sewer
58,623
11,725
Boulevard and Drainage Swale Sod
6,000
2,800
Mitigation Pond Construction
-0-
-0-
NURP Pond Construction
59,077
1,000
Street Signs (2 x 200)
400
400
Site Grading and Drainage Improvements
236,304
9,000
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
1,600
-0-
Design, Administration, Inspection, As-Builts
83,057
10,914
TOTAL
$ 775,197
$ 101,866
That the required financial guarantee for the above items be reduced as detailed above from $143,020 to
$101,866 to reflect the completed work. The required financial guarantee, in this case cash, may be reduced
accordingly.
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RESOLUTION NO. 2000-549
PIKE LAKE WOODS 3" ADDITION (98170)
Page Two
FURTHER BE IT RESOLVED that upon submission to the City of a maintenance bond complying with the
Development Contract and in a form acceptable to the City Engineer no later then November 30, 2000 the
watermain, sanitary sewer and storm sewer construction is accepted for continual maintenance as of
November 14, 2000 subject to the two year guarantee by the Developer per the approved maintenance bond.
FURTHER BE IT RESOLVED that upon acceptance of the watermain, sanitary sewer and storm sewer
construction the financial guarantee for the corresponding items listed in the Development Contract be
reduced to $0 (zero) and the required financial guarantee, in this case cash, may be reduced from $101,866 to
$55,358.
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:
ORIGINAL NEW
ITEM AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash: $ 1,000 $ 1,000
Cash in lieu of a letter of credit: $ 11,000 $ 11,000
Adopted by the City Council on November 14, 2000.
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