HomeMy WebLinkAboutCity Council Resolution 2018-057
C ITY OF P LYMOUTH
R ESOLUTION N O. 2018-057
R ESOLUTION A CCEPTING U TILITIES FOR C ONTINUAL M AINTENANCE FOR
T HE F IELDS AT M EADOW R IDGE (2016077)
WHEREAS, in accordance with the development contract dated October 11,
2016, North47, Inc., developer of The Fields at Meadow Ridge (2016077), 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 below and that the required guarantee and Letter of Credit No. 377 for the
items be reduced from $775,093 to $608,773:
% of
Original Current New Original
Item Amount Amount Amount Amount
Street Construction 545,000 327,000 327,000 60%
Sanitary Sewer System 241,000 120,500 60,250 25%
Watermain System 178,000 89,000 44,500 25%
Stom Sewer System 197,000 98,500 49,250 25%
Boulevard and Drainage Swale Sod 15,000 15,000 15,000 100%
Pond Construction 19,000 9,500 9,500 50%
Rain Garden and Filtration Basin 14,000 7,000 7,000 50%
Street & Traffic Control Signs 4,000 0 0 0%
Sidewalk Improvements 52,000 31,200 31,200 60%
Trail Improvements 6,475 3,885 3,885 60%
Street Lighting 9,000 0 0 0%
Setting Iron Monuments 15,000 0 0 0%
Tree Preservation and Reforestation 16,094 16,094 16,094 100%
Subtotal $1,311,569 $717,679 $563,679 43%
Design, Admin, Insp, As-Builts (8%) $104,926 $57,414 $45,094 8%
Total $1,416,495 $775,093 $608,773 43%
BE IT FURTHER RESOLVED that the utilities are accepted for continuous
maintenance as of February 13, 2018, subject to the two-year guarantee by the
Developer per Letter of Credit No. 377.
APPROVED by the City Council on this 13th day of February, 2018.