HomeMy WebLinkAboutCity Council Resolution 2000-615RESOLUTION NO. 2000-615
REDUCING REQUIRED FINANCIAL GUARANTEE
PLUM TREE EAST 3p' ADDITION (98129)
WHEREAS, in accordance with the development contract dated July 13, 1999, Lundgren Bros. Construction,
Inc., developer of Plum Tree East 3rd Addition (98129), 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 $48,003 to
$14,112 to reflect the completed work. Letter of Credit No. FGAC-99295 may be reduced accordingly.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 2000-615_67498\CCR 2000-615.doc
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 81,000
$ -0-
Sanitary Sewer
40,000
-0-
Watermain
28,000
-0-
Storm Sewer
65,000
-0-
Boulevard and Drainage Swale Sod
4,200
2,800
Mitigation Pond Construction
2,000
2,000
NURP Pond Construction
10,000
-0-
Street Signs (1 x 200)
200
-0-
Site Grading and Drainage Improvements
87,000
5,000
Park and Trail Improvements
14,000
2,800
Setting Iron Monuments
1,260
-0-
Design, Administration, Inspection, As-Builts
39,919
1,512
TOTAL
$ 372,579
$ 14,112
That the required financial guarantee for the above items be reduced as detailed above from $48,003 to
$14,112 to reflect the completed work. Letter of Credit No. FGAC-99295 may be reduced accordingly.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 2000-615_67498\CCR 2000-615.doc
RESOLUTION NO. 2000-615
PLUM TREE EAST 3" ADDITION (98129)
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 remain 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
$ 13,300 $ 6,650
* 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 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.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 2000-615_67498\CCR 2000-615.doc