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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 and Landscaping for Hammes Estates 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 and landscaping for Hammes Estates 3rd Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release development <br />security for Hammes Estates 3rd Addition. The 2-year warranty period for Hammes Estates 2nd Addition watermain and sanitary sewer period expired on March 17, 2022. A warranty walk-through has been completed by city staff and all warranty punch list items have since been addressed by the developer. <br />Additionally, the landscaping security is proposed to be released per the planning director’s recommendation as all work is completed per the development agreement. <br />The remaining development security for public improvements is pending completion of warranty punchlist items for public improvements (streets and storm). Current Security Amount Proposed Security Amount 1. Hammes Estates 3rd Addition: $861,170 $318,252 FISCAL IMPACT: Release of the warranty security closes out the public utilities and landscaping portion of the development. The operation and maintenance of these facilities 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, watermain, and landscaping in Hammes <br />Estates 3rd Addition, resulting in a full release of all remaining securities. The release of security is 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 <br />consent agenda, the recommended motion for the action is as follows: “Move to approve the security release for the Hammes Estates 3rd Addition as detailed in the respective Security Reduction Worksheets, contingent on the developer being current with all other payments and <br />obligations in accordance with the Development Agreement, including a positive escrow balance as required by the City” ATTACHMENTS: 1. Security Reduction Worksheet – Hammes Estates 3rd Addition.