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STAFF REPORT <br />DATE: February 7, 2023 <br /> CONSENT <br /> <br />AGENDA ITEM: Approve Release of Warranty Security for Public Utilities for Legacy at Northstar 3rd Addition. <br />SUBMITTED BY: Jack Griffin, City Engineer <br />REVIEWED BY: Kristina Handt, City Administrator Marty Powers, Public Works Director Sophia Jensen, City Planner <br />Chad Isakson, Assistant City Engineer <br /> ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for public utilities for Legacy at Northstar 3rd Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the <br />development security for Legacy at Northstar 3rd Addition. The 2-year warranty period for Legacy at Northstar 3rd Addition watermain and sanitary sewer expired on January 5, 2023. Twenty-five percent (25%) of the original security was retained through the 2-year warranty period. A warranty walk-through <br />has been completed by city staff and all warranty punch list items have been addressed by the developer. With the release of the 2-year warranty security for sanitary sewer and watermain the overall development <br />security may be released as detailed in the attached worksheets and shown below. Current Security Amount Proposed Security Amount 1. Legacy at Northstar 3rd Addition: $785,584 $589,929 <br /> FISCAL IMPACT: Release of the warranty security closes out the sanitary sewer and watermain portion of the development. The operation and maintenance of the public sanitary sewer and watermain becomes the responsibility of the city going forward. <br />RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, approve the release of warranty security for public sanitary sewer and watermain for Legacy at Northstar 3rd Addition. The release of security is 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: <br /> “Move to approve the security release for the Legacy at Northstar 3rd Addition as detailed in the respective Security Reduction Worksheet, contingent on the developer being current with all other payments and obligations in accordance with the Development Agreement, including a positive escrow <br />balance as required by the city” ATTACHMENTS: 1. Security Reduction Worksheet – Legacy at Northstar 3rd Addition.