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STAFF REPORT <br />DATE: February 7, 2023 <br /> CONSENT <br /> <br />AGENDA ITEM: Accept Sanitary Sewer and Watermain Improvements and Approve Security Reductions for Lakewood Crossing 2nd Addition <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 public sanitary sewer and watermain improvements and approve security reductions for the Lakewood Crossing 2nd 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 Lakewood Crossing 2nd 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. Lakewood Crossing 2nd Addition $ 235,100 $ 161,689 <br />The Lakewood Crossing 2nd Addition public sanitary sewer and watermain improvements 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. <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. 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 Lakewood Crossing 2nd Addition, all contingent on the developer being current with all other payments and obligations in accordance with the Development Agreement, <br />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: <br />“Move to accept the public sanitary sewer and watermain improvements and approve the security reductions as detailed in the attached worksheet for the Lakewood Crossing 2nd Addition, all contingent on the developer being current with all other payments and obligations in accordance with <br />the Development Agreement.” <br />ATTACHMENTS: 1. Certificate of Completion – Lakewood Crossing 2nd Addition. 2. Security Reduction Worksheet – Lakewood Crossing 2nd Addition.