HomeMy WebLinkAboutCity Council Resolution 2018-146
C ITY OF P LYMOUTH
R ESOLUTION N O. 2018-146
R ESOLUTION A CCEPTING U TILITIES FOR C ONTINUAL M AINTENANCE FOR
F ERNDALE T ERRACE (2014011)
WHEREAS, in accordance with the development contract dated July 10, 2014, Ferndale Terrace,
LLC, developer of Ferndale Terrace (2014011), 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. 1062 be reduced from $83,569 to $34,733:
% of
Original Current New Original
Item Amount Amount Amount Amount
Private Street Construction 51,000 12,750 0 0%
Sanitary Sewer System 23,000 9,200 3,910 17%
Watermain (private) 13,000 5,200 0 0%
Storm Sewer System (private) 22,000 8,800 0 0%
Pond Construction 10,000 4,000 0 0%
Traffic Control Signs 2,000 1,200 0 0%
Landscaping 12,000 12,000 12,000 100%
Boulevard and Drainage Swale Sod 5,000 2,000 2,000 40%
Erosion Control 5,000 2,000 2,000 40%
Site Grading & Drainage Improvements 49,000 19,600 12,250 25%
Setting Iron Monuments 2,600 0 0 0%
Tree Preservation & Reforestation 18,500 0 0 0%
Subtotal $213,100 $76,750 $32,160 15%
Design, Admin, Insp., As-Builts (8%) $17,048 $6,819 $2,573 8%
Total $230,148 $83,569 $34,733 15%
BE IT FURTHER RESOLVED that the utilities are accepted for continuous maintenance as of April
10, 2018, subject to the two-year guarantee by the Developer per Letter of Credit No. 1062.
APPROVED by the City Council on this 10th day of April, 2018.