HomeMy WebLinkAboutCity Council Resolution 2000-610RESOLUTION NO. 2000-610
REDUCING REQUIRED FINANCIAL GUARANTEE
CONOR MEADOWS ADDITION (96113)
WHEREAS, in accordance with the development contract dated April 3, 1997, Centex Homes, A Nevada
General Partnership, developer of Conor Meadows Addition (96113), 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 $17,271 to
$9,655 to reflect the completed work. Development Bond No. 5917829 submitted for the financial guarantee
may be reduced from $25,907 (150% x $17,271) to $14,483 (150% x $9,655).
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 2000-610_67493\CCR 2000-610.doc
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 124,970
$ -0-
Sanitary Sewer
127,229
-0-
Watermain
88,460
-0-
Storm Sewer
62,600
-0-
Boulevard and Drainage Swale Sod
3,600
-0-
Mitigation Pond Construction
8,621
8,621
NURP Pond Construction
15,861
-0-
Street Signs (4 x 200)
800
-0-
Wetland Buffer Posts
1,200
-0-
Site Grading and Drainage Improvements
182,378
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
3,975
-0-
Design, Administration, Inspection, As-Builts
74,363
1,034
TOTAL
$ 694,057
$ 9,655
That the required financial guarantee for the above items be reduced as detailed above from $17,271 to
$9,655 to reflect the completed work. Development Bond No. 5917829 submitted for the financial guarantee
may be reduced from $25,907 (150% x $17,271) to $14,483 (150% x $9,655).
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RESOLUTION NO. 2000-610
CONOR MEADOWS ADDITION (96113)
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. 382183:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $-0-
$26,000
-0-
$26,000 $ -0-
FURTHER BE IT RESOLVED that the financial guarantee for the above items be reduced from $1,000 cash
and Letter of Credit No. 382183 in the amount of $13,000 to $0 (zero). The financial guarantee may be
reduced accordingly and will be released by the Finance Department.
Adopted by the City Council on December 19, 2000.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 2000-610_67493\CCR 2000-610.doc