HomeMy WebLinkAboutCity Council Resolution 2000-608RESOLUTION NO. 2000-608
REDUCING REQUIRED FINANCIAL GUARANTEE
PLUM TREE EAST ADDITION (94090)
WHEREAS, in accordance with the development contract dated May 8, 1997, Lundgren Bros. Construction,
Inc., developer of Plum Tree East Addition (94090), 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 $49,605 to
$5,376 to reflect the completed work. Letter of Credit No. FGAC-99222 is the financial guarantee for Plum
Tree East Addition (94090) and Plum Tree East 2nd Addition (98128) and must maintain a balance
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ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 167,450
$ -0-
Sanitary Sewer
104,710
-0-
Watermain
83,560
-0-
Storm Sewer
101,920
-0-
Boulevard and Drainage Swale Sod
4,400
1,800
Wetland Buffer Monuments
300
-0-
Mitigation Pond Construction
3,000
3,000
NURP Pond Construction
10,000
-0-
Street Signs (3 x 200)
600
-0-
Site Grading and Drainage Improvements
237,000
-0-
Sidewalk
23,180
-0-
Setting Iron Monuments
2,800
-0-
Design, Administration, Inspection, As-Builts
88,670
576
TOTAL
$ 827,590
$ 5,376
That the required financial guarantee for the above items be reduced as detailed above from $49,605 to
$5,376 to reflect the completed work. Letter of Credit No. FGAC-99222 is the financial guarantee for Plum
Tree East Addition (94090) and Plum Tree East 2nd Addition (98128) and must maintain a balance
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RESOLUTION NO. 2000-608
PLUM TREE EAST ADDITION (94090)
Page Two
equal to the sum of the two projects' requirements. Letter of Credit No. FGAC-99222 may be reduced
accordingly.
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:
Letter of Credit No. FGAC-99132*:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 46,385 $ 10,000
* Letter of Credit No. FGAC-99132 is the financial guarantee for Plum Tree East Addition (94090), Plum
Tree East 2nd Addition (98128) and Plum Tree East 3rd Addition (98129) and must maintain a balance equal to
the sum of the three projects' requirements.
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash with a
separate letter of credit being reduced from $23,200 to $10,000. Letter of Credit No. FGAC-99132 is the
financial guarantee for Plum Tree East Addition (94090), Plum Tree East 2nd Addition (98128) and Plum
Tree East 3rd Addition (98129) and must maintain a balance equal to the sum of the four projects'
requirements. Letter of Credit No. FGAC-99132 may be reduced accordingly.
FURTHER BE IT RESOLVED that the street construction is accepted for continual maintenance as of
December 19, 2000 subject to the two year guarantee by the Developer per Maintenance Bond No.
54-107872 issued by United Fire and Casualty Company.
Adopted by the City Council on December 19, 2000.
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