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STAFF REPORT <br />DATE: January 2, 2024 <br /> CONSENT <br /> <br />AGENDA ITEM: Accept Improvements and Approve Security Reductions for the Savona 4th <br />Addition <br /> SUBMITTED BY: Jack Griffin, City Engineer <br />REVIEWED BY: Clark Schroeder, Interim City Administrator <br /> Sophia Jensen, City Planner Marty Powers, Public Works Director <br /> Clarissa Hadler, Finance Director <br /> Chad Isakson, Assistant City Engineer <br /> <br /> <br />ISSUE BEFORE COUNCIL: Should the City Council accept the improvements and approve security <br />reductions for Savona 4th Addition? <br /> <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the <br />improvements and reduce the development security for the Savona 4th Addition. This request has been <br />reviewed and is being recommended for approval in accordance with the approved Development <br />Agreement. Approval of this reduction is contingent on the developer having a positive escrow balance in <br />the minimum amount required by the city, and the developer being current with all payments and <br />obligations required by the Development Agreement. The Development Security amount is recommended <br />to be reduced as follows: <br /> Current Security Amount Proposed Security Amount <br />1. Savona 4th Addition $ 1,468,090 $ 891,473 <br /> <br />The warranty period for the Savona 4th Addition public improvements are outlined on the attached <br />Certificate of Completion. Twenty-five percent (25%) of the original security amount will be retained until <br />the warranty periods have expired and all warranty corrective work has been completed. <br /> <br />FISCAL IMPACT: It is the City’s goal to retain at all times during the subdivision improvements a <br />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. <br /> <br />RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, <br />accept the improvements and approve the security reduction as detailed in the attached worksheet for the <br />Savona 4th Addition, contingent on the developer being current with all payments and obligations in <br />accordance with the Development Agreement, including a positive escrow balance as required by the City. <br />If removed from the consent agenda, the recommended motion for the action is as follows: <br /> <br />“Move to accept the improvements and approve the security reduction as detailed in the attached <br />worksheet for Savona 4th Addition, contingent on the developer being current with all payments and <br />obligations in accordance with the Development Agreement.” <br /> <br />ATTACHMENTS: <br />1. Certificate of Completion – Savona 4th Addition. <br />2. Security Reduction Worksheet – Savona 4th Addition.