HomeMy WebLinkAboutCity Council Resolution 2020-014
C ITY OF P LYMOUTH
R ESOLUTION N O. 2020-014
R ESOLUTION A CCEPTING S TREETS FOR C ONTINUAL M AINTENANCE FOR
W ATERFORD I NNOVATION C ENTER (2015081)
WHEREAS, in accordance with the development contract dated March 14, 2016, Duke Realty
Limited Partnership, developer of Waterford Innovation Center (2015081), 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. TFTS-792032 for the items be reduced from $1,242,588 to
$299,239:
Original New
% of Original
Item
Amount
Amount Amount
Street Construction $206,444 51,611
25%
Parking Lot Construction 242,604 0 0%
Sanitary Sewer System Public 16,750 16,750
100%
Sanitary Sewer System Private 35,440 0 0%
Watermain System Public 18,900 18,900
100%
Watermain System Private 91,780 0 0%
Storm Sewer System Public 84,379 84,379
100%
Storm Sewer System Private 67,454 0 0%
Boulevard Sod & Seeding 26,500 0
0%
Retaining Walls 73,700 73,700 100%
Pond Construction 25,813 25,813
100%
Street & Traffic Control Signs 3,000 0 0%
Landscaping / Irrigation 108,409 5,420
5%
Erosion Control 18,875 0 0%
Site Drainage & Grading Improvements 129,996 0
0%
Setting Iron Monuments 500 500
100%
Subtotal 1,150,544 277,073 24%
Design, Admin, Inspec & As-Builts (8%) 92,044 22,166
Total 1,242,588 299,239 24%
BE IT FURTHER RESOLVED that the streets are accepted for continuous maintenance as of
January 14, 2020, subject to the one-year guarantee by the Developer per Letter of Credit No. TFTS-
792032.
APPROVED by the City Council on this 14th day of January, 2020.