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STAFF REPORT <br />DATE: January 17, 2023 <br /> CONSENT <br /> <br />AGENDA ITEM: Accept Sanitary Sewer and Watermain Improvements and Approve Security Reductions for Wildflower at Lake Elmo 4th Addition <br /> SUBMITTED BY: Jack Griffin, City Engineer REVIEWED BY: Kristina Handt, City Administrator Sophia Jensen, Planner Marty Powers, Public Works Director Chad Isakson, Assistant City Engineer <br /> ISSUE BEFORE COUNCIL: Should the City Council accept the public sanitary sewer and watermain improvements and approve security reductions for the Wildflower at Lake Elmo 4th Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the public sanitary sewer and watermain improvements and reduce the development security for the Wildflower 4th Addition. This request has been reviewed and is being recommended for approval in accordance with the approved Development Agreement, and contingent on the developer being current with all other payments and obligations in accordance with the Development Agreement, including a positive escrow balance as required by the City. The Development Security amount is recommended to be reduced as follows: Current Security Amount Proposed Security Amount 1. Wildflower 4th Addition $ 2,626,236 $ 2,179,838 The Wildflower 4th Addition public sanitary sewer and watermain improvements are in the warranty period <br />as identified on the attached Certificate of Completion. Twenty-five percent (25%) of the original security amount will be retained until the warranty periods have expired. FISCAL IMPACT: It is the City’s goal to retain at all times during the subdivision improvements a security amount that is adequate to ensure completion of all elements of the improvements as protection to the city tax payers against the potential of developer default. <br /> RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, accept the public sanitary sewer and watermain improvements and approve the security reductions as detailed in the attached worksheet for the Wildflower 4th Addition, all contingent on the developer being current with all other payments and obligations in accordance with the Development Agreement, including a positive escrow balance as required by the City. If removed from the consent agenda, the recommended <br />motion for the action is as follows: “Move to accept the public sanitary sewer and watermain improvements and approve the security <br />reductions as detailed in the attached worksheet for the Wildflower 4th Addition, all contingent on the developer being current with all other payments and obligations in accordance with the Development Agreement.” ATTACHMENTS: <br />1. Watermain and Sanitary Sewer Certificate of Completion – Wildflower 4th Addition. <br />2. Security Reduction Worksheet – Wildflower 4th Addition.