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STAFF REPORT <br />DATE: February 7, 2023 <br /> CONSENT <br /> <br />AGENDA ITEM: Accept Improvements and Approve Security Reductions for Inwood 6th Addition (Kwik Trip) <br /> SUBMITTED BY: Jack Griffin, City Engineer REVIEWED BY: Kristina Handt, City Administrator Sophia Jensen, City Planner Marty Powers, Public Works Director Chad Isakson, Assistant City Engineer <br /> ISSUE BEFORE COUNCIL: Should the City Council accept the improvements and approve security reductions for Inwood 6th Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the improvements and reduce the development security for Inwood 6th Addition (Kwik Trip). 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 2-year warranty period for watermain expired on August 1, 2022 and no corrective items are required. The Development Security amount is recommended to be reduced as follows: Current Security Amount Proposed Security Amount 1. Inwood 6th Addition $ 439,246 $ 68,626 <br />The Inwood 6th Addition facilities are in the warranty period 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 and all warranty corrective work has been completed. <br /> 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 <br />the City tax payers against the potential of developer default. Release of the warranty security brings the operation and maintenance of the public watermain the responsibility of the city going forward. RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, accept the improvements and approve the security reductions as detailed in the attached respective worksheets for Inwood 6th Addition, all contingent on the developer being current with all other payments <br />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 motion for the action is as follows: “Move to accept the improvements and approve the security reductions as detailed in the attached respective worksheets for Inwood 6th Addition, contingent on the developer being current with all other <br />payments and obligations in accordance with the Development Agreement.” <br />ATTACHMENTS: 1. Certificate of Completion – Inwood 6th Addition. 2. Security Reduction Worksheet – Inwood 6th Addition.