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STAFF REPORT <br />DATE: January 2, 2024 <br /> CONSENT <br /> <br />AGENDA ITEM: Accept Improvements and Approve Security Reductions and Release for the Legacy at Northstar 1st, 2nd, 3rd, and 4th Additions <br /> SUBMITTED BY: Jack Griffin, City Engineer REVIEWED BY: Clark Schroeder, Interim City Administrator Sophia Jensen, City Planner Marty Powers, Public Works Director Clarissa Hadler, Finance Director Chad Isakson, Assistant City Engineer <br /> <br /> ISSUE BEFORE COUNCIL: Should the City Council accept the improvements and approve security reductions and release for the Legacy at Northstar 1st, 2nd, 3rd, and 4th Additions? <br /> PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the landscape security for Legacy at Northstar 1st Addition; accept the improvements and reduce the development security for Legacy at Northstar 2nd, 3rd, and 4th Additions; and release the utility warranty security for Legacy at Northstar 4th Addition as the 2-year warranty period for public watermain and sanitary sewer in the 4th Addition expires on January 4, 2024. These requests have been reviewed and are being recommended for approval in accordance with the approved Development Agreements. In regards to the 4th Addition, a warranty walk-through was completed by city staff and all warranty punch list items have been addressed by the developer. It is recommended release of security for these utilities be processed administratively after January 4, 2024. Each approval is contingent on the developer having a positive escrow balance in the minimum amount required by the city, and the developer being current with all payments and obligations <br />required by the Development Agreement. The Development Security amounts are recommended to be reduced as follows: Current Security Amount Proposed Security Amount <br />1. Legacy at Northstar 1st Addition $ 784,678 $ 715,078 2. Legacy at Northstar 2nd Addition $ 481,408 $ 403,704 3. Legacy at Northstar 3rd Addition $ 589,929 $ 486,687 <br />4. Legacy at Northstar 4th Addition $ 476,964 $ 315,478 The Legacy at Northstar 2nd, 3rd, and 4th Addition public improvement warranty periods will be initiated as outlined in the attached Certificates of Completion. The Legacy at Northstar 1st Addition landscaping is in the warranty period and reduction is recommended in accordance with the development agreement. Twenty-five percent (25%) of the original security amounts will be retained until the applicable warranty <br />periods have expired and all warranty corrective work has been completed. 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 the city tax payers against the potential of developer default. Release of the public sanitary sewer and watermain warranty security closes out the public utility improvement portion of the development. The operation and maintenance of these facilities become the responsibility of the city going forward. <br />RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, accept the improvements and approve the security reductions and release as detailed in the attached respective worksheets for the Legacy at Northstar 1st, 2nd, 3rd, and 4th Additions, contingent on the developer