HomeMy WebLinkAboutCity Council Resolution 2018-341
C ITY OF P LYMOUTH
R ESOLUTION N O. 2018-341
R ESOLUTION A CCEPTING F INAL R ELEASE OF F INANCIAL G UARANTEE
H AMPTON H ILLS 5 TH A DDITION (2012102)
WHEREAS, in accordance with the development contract dated March 4, 2013,
Hampton Hills Investment, LLC, developer of Hampton Hills 5th Addition (2012102), has
agreed to install certain improvements for said development; and
WHEREAS, the developer has completed the street, utility and site grading as
noted below; and
WHEREAS, the developer has requested a release 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. IS0026217U for
the items be reduced from $108,672 to $0 and can be released:
Original Current New
Item Amount Amount Amount
Street Construction $342,680 $85,670 $0
Sanitary Sewer 162,600 0 0
Watermain 168,740 0 0
Storm Sewer System 88,421 0 0
Boulevard and Drainage Swale Sod 4,232 1,060 0
Street & Traffic Control Signs 1,700 0 0
Sidewalk Improvements 29,150 7,288 0
Retaining Walls 4,000 0 0
Street Lighting 10,875 0 0
Erosion Control and Silt Fence 4,000 1,500 0
Site Grading and Drainage Improvements 6,616 1,654 0
Setting Iron Monuments 6,800 0 0
Tree Preservation 3,922 0 0
Design, Admin., Insp., As-Builts (12%) 66,698 11,500 0
Total $900,434 $108,672 $0
APPROVED by the City Council on this 23rd day of October, 2018.