HomeMy WebLinkAboutCity Council Resolution 2000-609RESOLUTION NO. 2000-609
REDUCING REQUIRED FINANCIAL GUARANTEE
WESTBRANCH 4TH ADDITION (95139)
WHEREAS, in accordance with the development contract dated October 8, 1997, U.S. Home Corporation,
developer of Westbranch 4th Addition (95139), 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 $19,600 to
$7,840 to reflect the completed work. Letter of Credit No. FGAC-97137 may be reduced accordingly.
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ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 63,300
$ -0-
Sanitary Sewer
70,400
-0-
Watermain
48,200
-0-
Storm Sewer
31,500
-0-
Boulevard and Drainage Swale Sod
3,800
-0-
Mitigation Pond Construction
2,000
2,000
NURP Pond Construction
2,900
-0-
Street Signs (2x200)
400
-0-
Site Grading and Drainage Improvements
95,700
5,000
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
900
-0-
Design, Administration, Inspection, As-Builts
38,292
840
TOTAL
$ 357,392
$ 7,840
That the required financial guarantee for the above items be reduced as detailed above from $19,600 to
$7,840 to reflect the completed work. Letter of Credit No. FGAC-97137 may be reduced accordingly.
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RESOLUTION NO. 2000-609
WESTBRANCH 4TH ADDITION (95139)
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
Cash:
Letter of Credit No. FGAC-97127:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 10,500 $ 2,500
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. FGAC-97127 being reduced from $8,000 to $2,500. The financial
guarantee may be reduced accordingly.
Adopted by the City Council on December 19, 2000.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 2000-609_67492\CCR 2000-609.doc