Resolution - 12-23: Reduction in LOC's for Pres.Homes Proj.• CITY OF SPRING PARK
SPRING PARK, MINNESOTA
RESOLUTION 12 - 23
A RESOLUTION APPROVING THE REDUCTION IN THE
LETTERS OF CREDIT FOR THE PRESBYTERIAN HOMES PROJECT
WHEREAS, pursuant to the terms of the Development Agreement dated
December 21, 2009 by and between the City of Spring Park and Presbyterian Homes
Housing and Assisted Living, Inc. (the "Developer"), the Developer was required to
provide a letter of credit in the amount of $116,237 as surety for the construction and
warranty of project landscape improvements, a letter of credit in the amount of $197,428
as surety for the construction and warranty of project municipal improvements, and a
letter of credit is the amount of $87,368 as surety for the construction and warranty of
project storm water drainage and retention system improvements; and
WHEREAS, the Development Agreement provides that the letters of credit are to
be reduced to 5% of the estimated cost of the landscape improvements, 5% of the
estimated construction price of the municipal improvements, and 5% of the estimated
cost of the storm water drainage and retention system upon the city's determination that
is landscaping
work has been fully completed, full payment for the work has been made, and the
landscaping has been approved by the city planner, municipal improvements approved by
the city engineer, and storm water drainage and retention system approved by the city
engineer; and
WHEREAS, project landscape improvements are complete and have been
approved by the city planner; and
WHEREAS, project municipal improvements are complete and have been
approved by the city engineer; and
WHEREAS, project storm water drainage and retention system improvements
are substantially complete, with confirmation by Minnehaha Creek Watershed District of
completion, and have been approved by the city engineer; and
WHEREAS, the city planner recommends reduction of the landscaping letter to
credit to $5,284, 5% of the estimated costs; and
WHEREAS, the city engineer recommends reduction of the municipal
improvement letter of credit to $8,974, 5% of estimated costs; and
WHEREAS, the city engineer recommends reduction of the storm water drainage
• and retention system letter of credit to $3,971, 5% of estimated costs;
Resolution 12 - 23
• NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
1. The letter of credit landscaping for may be reduced to $5,284.
2. The letter of credit for municipal improvement may be reduced to $8,974.
3. The letter of credit for the storm water drainage maybe reduced to $3,971.
•
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Adopted by the City Council of the City of Spring Park, Minnesota on November
19, 2012.
Approved:
Attest:
Cah Reinhardt, Maypdy Wendy Lewin City Clerk
Resolution 12 - 23
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