HomeMy WebLinkAboutCity Council Resolution 2000-010RESOLUTION NO. 2000-010
REDUCING REQUIRED FINANCIAL GUARANTEE
PLUM TREE EAST ADDITION (94090)
WHEREAS, in accordance with the development contract dated May 8, 1997, Lundgren Bros. Constriction,
Inc., developer of Plum Tree East Addition (94090), 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 $120,135 to
$49,605 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 2" a Addition (98128) and must maintain a balance equal to
the sum of the two projects' requirements. Letter of Credit No. FGAC-9922 may be reduced accordingly.
C Documents and Settuigs\e,uigei Local Settuigs\Temp CCR 2000-010 (2)_-8923 CCR 2000-010 (2) doe
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ 167,450
$ 33,490
Sanitary Sewer
104,710
-0-
Watermain
83,560
-0-
Storm Sewer
101,920
-0-
Boulevard and Drainage Swale Sod
4,400
4,400
Wetland Buffer Monuments
300
-0-
Mitigation Pond Constriction
3,000
3,000
N[_]RP Pond Constriction
10,000
-0-
Street Signs (3 x 200)
600
600
Site Grading and Drainage Improvements
237,000
-0-
Sidewalk
23,180
-0-
Setting Iron Monuments
2,800
2,800
Design, Administration, Inspection, As-Builts
88,670
5,315
TOTAL
$ 827,590
$ 49,605
That the required financial guarantee for the above items be reduced as detailed above from $120,135 to
$49,605 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 2" a Addition (98128) and must maintain a balance equal to
the sum of the two projects' requirements. Letter of Credit No. FGAC-9922 may be reduced accordingly.
C Documents and Settuigs\e,uigei Local Settuigs\Temp CCR 2000-010 (2)_-8923 CCR 2000-010 (2) doe
RESOLUTION NO. 2000-010
PLUM TREE EAST ADDITION (94090)
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
Cash:
Letter of Credit No. FGAC-99132*:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 46,385 $ 23,200
* Letter of Credit No. FGAC-99132 is the financial guarantee for Plum Tree East Addition (94090), Plum
Tree East 2"d Addition (98128), Plum Tree East 3'1 Addition (98129) and Plum Tree East 4th Addition (98130)
and must maintain a balance equal to the sum of the four projects' requirements.
FURTHER BE IT RESOLVED that the sanitary sewer, watermain, and storm sewer constriction is accepted
for continual maintenance as of January 4, 2000 subject to the two year guarantee by the Developer per
Maintenance Bond No. 54107872 issued by United Fire and Casualty Company.
Adopted by the City Council on January 4, 2000.
C Documents and Settuigs\e,uigei Local Settuigs\Temp CCR 2000-010 (2)_-8923 CCR 2000-010 (2) doe