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STAFF REPORT <br />DATE: January 2, 2024 <br /> CONSENT <br /> <br />AGENDA ITEM: Approve Release of Warranty Security for Public Improvements for Inwood 5th Addition. <br />SUBMITTED BY: Jack Griffin, City Engineer <br />REVIEWED BY: Clark Schroeder, Interim City Administrator Marty Powers, Public Works Director Clarissa Hadler, Finance Director <br /> Sophia Jensen, City Planner Chad Isakson, Assistant City Engineer <br /> ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for the public improvements for Inwood 5th Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the development security for Inwood 5th Addition. The 1-year warranty period for the public improvements expired on June 21, 2023. Twenty-five percent (25%) of the original security was retained through the 1-year warranty period. A warranty walk-through was completed by city staff and all warranty punch list items have since been addressed by the developer. With the release of the warranty security the overall development security may be reduced as shown below: Current Security Amount Proposed Security Amount 1. Inwood 5th Addition: $476,827 $56,250 <br /> The remaining security is for landscaping items. FISCAL IMPACT: Release of the warranty security closes out the public improvement portion of the development. The operation and maintenance of the public facilities becomes the responsibility of the city going forward. RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, approve the release of public improvement warranty security for Inwood 5th Addition. The release of security is contingent on the developer being current with all payments and obligations in accordance with the Development Agreement, including a positive escrow balance as may be required by the City. If <br />removed from the consent agenda, the recommended motion for the action is as follows: “Move to approve the release of the warranty security for Inwood 5th Addition as detailed in the respective Security Reduction Worksheet, contingent on the developer being current with all payments <br />and obligations in accordance with the Development Agreement, including a positive escrow balance as may be required by the City” ATTACHMENTS: 1. Security Reduction Worksheet – Inwood 5th Addition.