HomeMy WebLinkAboutCity Council Resolution 2000-612RESOLUTION NO. 2000-612
REDUCING REQUIRED FINANCIAL GUARANTEE
ANNAPOLIS DEPOT ADDITION (96153)
WHEREAS, in accordance with the development contract dated November 7, 1996, Annapolis L. L. P.,
developer of Annapolis Depot Addition (96153), 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 $77,759* to $0
(zero). Letter of Credit No. 191 may be reduced accordingly and will be released by the Finance
Department.
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ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 183,175
$ -0-
Sanitary Sewer
14,954
-0-
Traffic Signal and Controls
120,000
-0-
Storm Sewer
29,008
-0-
Boulevard and Drainage Swale Sod
4,400
-0-
Mitigation Pond Construction
-0-
-0-
NURP Pond Construction
35,298
-0-
Street Signs (200)
-0-
-0-
Site Grading and Drainage Improvements
-0-
-0-
Park and Trail Improvements
41,062
-0-
Setting Iron Monuments
-0-
-0-
Design, Administration, Inspection, As-Builts
51,348
-0-
TOTAL
$ 479,245
$ -0-
That the required financial guarantee for the above items be reduced as detailed above from $77,759* to $0
(zero). Letter of Credit No. 191 may be reduced accordingly and will be released by the Finance
Department.
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RESOLUTION NO. 2000-612
ANNAPOLIS DEPOT ADDITION (96153)
Page Two
The Developer requested that Letter of Credit No. 191 in the amount of $77,759 be used in lieu of the
required maintenance bond. The required two year maintenance period is now complete.
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items per Section
8.1 of the approved development contract remain as follows:
ORIGINAL NEW
ITEM AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash: $ 1,000 $ -0-
Financial Guarantee $ 1,000 $ -0-
Adopted by the City Council on December 19, 2000.
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