HomeMy WebLinkAboutCity Council Resolution 2000-614RESOLUTION NO. 2000-614
REDUCING REQUIRED FINANCIAL GUARANTEE
PLUM TREE EAST 2ND ADDITION (98128)
WHEREAS, in accordance with the development contract dated September 3, 1998, Lundgren Bros.
Construction, Inc., developer of Plum Tree East 2nd Addition (98128), 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 $46,245 to
$9,408 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 equal to
the sum of the two projects' requirements. Letter of Credit No. FGAC-99222 may be reduced accordingly.
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ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 137,000
$ -0-
Sanitary Sewer
84,000
-0-
Watermain
53,000
-0-
Storm Sewer
46,000
-0-
Boulevard and Drainage Swale Sod
5,400
2,400
Mitigation Pond Construction
6,000
6,000
N URP Pond Construction
-0-
-0-
Street Signs (3 x $200)
600
-0-
Site Grading and Drainage Improvements
170,000
-0-
Sidewalk
25,000
-0-
Setting Iron Monuments
1,890
-0-
Design, Administration, Inspection, As-Builts
63,467
11008
TOTAL
$ 592,357
$ 9,408
That the required financial guarantee for the above items be reduced as detailed above from $46,245 to
$9,408 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 equal to
the sum of the two projects' requirements. Letter of Credit No. FGAC-99222 may be reduced accordingly.
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RESOLUTION NO. 2000-614
PLUM TREE EAST 2ND ADDITION (98128)
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-99132*:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 25,850 $ 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 $13,000 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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