HomeMy WebLinkAboutCity Council Resolution 2000-617RESOLUTION NO. 2000-617
REDUCING REQUIRED FINANCIAL GUARANTEE
PLUM TREE EAST 4TH ADDITION (20045)
WHEREAS, in accordance with the development contract dated June 28, 2000, Lundgren Bros.
Construction, Inc., developer of Plum Tree East 4th Addition (20045), 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 $816,704 to
$166,074 to reflect the completed work. Letter of Credit No. FGAC-00147 may be reduced accordingly.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 2000-617_67500ACCR 2000-617.doc
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Construction
$ 194,800
$ 38,960
Sanitary Sewer
108,500
21,700
Watermain
78,000
15,600
Storm Sewer
98,100
19,620
Boulevard and Drainage Swale Sod
10,000
10,000
Mitigation Pond Construction
4,000
4,000
NURP Pond Construction
10,000
1,000
Street Signs (2x200)
400
-0-
Site Grading and Drainage Improvements
188,000
-0-
Park Trail Imp. Between Lots 4 & 5, Block 6
2,500
2,500
Park and Trail Improvements
31,000
31,000
Setting Iron Monuments
3,900
3,900
Design, Administration, Inspection, As-Builts
87,504
17,794
TOTAL
$ 816,704
$ 166,074
That the required financial guarantee for the above items be reduced as detailed above from $816,704 to
$166,074 to reflect the completed work. Letter of Credit No. FGAC-00147 may be reduced accordingly.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 2000-617_67500ACCR 2000-617.doc
RESOLUTION NO. 2000-617
PLUM TREE EAST 4TH ADDITION (20045)
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:
ORIGINAL NEW
ITEM AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning (Includes Plum Tree East 5th
Addition (20084))
Cash: $ 1,000 $ 1,000
Letter of Credit No. FGAC-00088: $ 45,000 $ 45,000
Adopted by the City Council on December 19, 2000.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 2000-617_67500ACCR 2000-617.doc