HomeMy WebLinkAboutCity Council Resolution 2000-576RESOLUTION NO. 2000-576
REDUCING REQUIRED FINANCIAL GUARANTEE
FERNBROOK WOODS 2ND ADDITION (94018)
WHEREAS, in accordance with the development contract dated February 24, 1995, Marvin H. Anderson
Construction, developer of Fernbrook Woods 2nd Addition (94018), 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 development bond 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 (Does not include
$93,500
$-0-
City Proj. No. 213)
Sanitary Sewer
65,200
-0-
Watermain
50,500
-0-
Storm Sewer
66,200
-0-
Boulevard and Drainage Swale Sod
6,800
-0-
Mitigation Pond Construction
-0-
-0-
Sediment Pond Construction
10,000
-0-
Street Signs (3 x 200)
600
-0-
Site Grading and Drainage Improvements
165,000
2,000
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
2,000
-0-
Design, Administration, Inspection, As-Builts
55,176
240
TOTAL
$514,976
$2,240
That the Financial Guarantee required for the above items be reduced as detailed above from $7,560 to
$2,240 to reflect the completed work. The required Financial Guarantee in this case cash may be reduced
accordingly.
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RESOLUTION NO. 2000-576
FERNBROOK WOODS 2ND ADDITION (94018)
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 Fernbrook Woods
3rd Addition)
Cash:
Cash in lieu of Letter of Credit:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 $1,000
$21,500 $5,000
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash with
the cash in lieu of a letter of credit being reduced from $16,125 to $5,000. The financial guarantee may be
reduced accordingly.
Adopted by the City Council on November 28, 2000.
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