HomeMy WebLinkAboutCity Council Resolution 2000-611RESOLUTION NO. 2000-611
REDUCING REQUIRED FINANCIAL GUARANTEE
CONOR MEADOWS PLAT TWO (96150)
WHEREAS, in accordance with the development contract dated June 24, 1998, Centex Homes, a Nevada
General Partnership, developer of Conor Meadows Plat Two (96150), 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 $61,600 to
$28,000 to reflect the completed work. Subdivision Bond No. 5943980 submitted as the financial guarantee
may be reduced from $92,400 (150% x $61,600) to $42,000 (150% x $28,000).
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ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 57,130
$ -0-
Sanitary Sewer
98,235
-0-
Watermain
59,215
-0-
Storm Sewer
132,160
-0-
Boulevard and Drainage Swale Sod
5,000
-0-
Mitigation Pond Construction
5,000
5,000
NURP Pond Construction
5,875
-0-
Street Signs (200)
-0-
-0-
Site Grading and Drainage Improvements
137,237
20,000
Park and Trail Improvements
9,270
-0-
Setting Iron Monuments
1,500
-0-
Design, Administration, Inspection, As-Builts
61,275
3,000
TOTAL
$ 571,897
$ 28,000
That the required financial guarantee for the above items be reduced as detailed above from $61,600 to
$28,000 to reflect the completed work. Subdivision Bond No. 5943980 submitted as the financial guarantee
may be reduced from $92,400 (150% x $61,600) to $42,000 (150% x $28,000).
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RESOLUTION NO. 2000-611
CONOR MEADOWS PLAT TWO (96150)
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 Conor Meadows
Plat 3 (98092))
Cash:
Letter of Credit No. 042197:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 21,000 $ -0-
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash with
the required financial guarantee being reduced from $21,000 to $0 (zero). Letter of Credit No. 042197 may
be reduced accordingly and will be released by the Finance Department.
Adopted by the City Council on December 19, 2000.
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