HomeMy WebLinkAboutCity Council Resolution 2000-616RESOLUTION NO. 2000-616
REDUCING REQUIRED FINANCIAL GUARANTEE
CORNERSTONE COMMONS 3" ADDITION (99050)
WHEREAS, in accordance with the development contract dated July 21, 1999, Elim Care Foundation and
The Rottlund Company, Inc., developers of Cornerstone Commons 3rd Addition (99050), have agreed to
install certain improvements for said development; and
WHEREAS, the developers have completed a portion of the street, utility and site grading as noted below;
and
WHEREAS, the developers have 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 $476,547 to
$108,411 to reflect the completed work. The required financial guarantee, Bond No. 149282, may be
reduced from $714,820 (150% x $476,547) to $162,617 (150% x $108,411).
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ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 180,911
$ 36,182
Sanitary Sewer
45,886
9,177
Watermain
75,205
15,041
Storm Sewer
78,982
15,796
Boulevard and Drainage Swale Sod
13,000
10,500
Mitigation Pond Construction
-0-
-0-
N URP Pond Construction
-0-
-0-
Street Signs (3x200)
600
600
Site Grading and Drainage Improvements
-0-
-0-
Park and Trail Improvements
26,904
5,500
Setting Iron Monuments
4,000
4,000
Design, Administration, Inspection, As-Builts
51,059
11,615
TOTAL
$ 476,547
$ 108,411
That the required financial guarantee for the above items be reduced as detailed above from $476,547 to
$108,411 to reflect the completed work. The required financial guarantee, Bond No. 149282, may be
reduced from $714,820 (150% x $476,547) to $162,617 (150% x $108,411).
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RESOLUTION NO. 2000-616
CORNERSTONE COMMONS 3" ADDITION (99050)
Page Two
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:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning (Included in Cornerstone Commons
Addition (98094))
Cash:
Financial Guarantee:
Adopted by the City Council on December 19, 2000.
ORIGINAL NEW
AMOUNT AMOUNT
$ -0- $-0-
$-0-
-0-
$-0- $-0-
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