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STAFF REPORT <br />DATE: January 2, 2024 <br /> CONSENT <br /> <br />AGENDA ITEM: Approve Security Reduction for Wildflower 4th 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 Clarissa Hadler, Finance Director Chad Isakson, Assistant City Engineer Mike Rusenovich, Project Engineer <br /> <br /> ISSUE BEFORE COUNCIL: Should the City Council approve a security reduction for the Wildflower 4th Addition as itemized below? <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the development security for the Wildflower 4th Addition. This request has been reviewed and is being recommended for approval in accordance with Section 37.B.2. of the subdivision’s Development <br />Agreement. Approval of this reduction 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 required by the Development Agreement. The Development Security amount is recommended <br />to be reduced as follows: Current Security Amount Proposed Security Amount 1. Wildflower 4th Addition: $1,255,357 $ 793,116 Work within the development has progressed in accordance with the development agreement and to the extent necessary to support a reduction in the security as detailed in this report. 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. RECOMMENDATION: Staff is recommending that the City Council approve, as part of the Consent Agenda, the security reduction for Wildflower 4th Addition as detailed in this report and supporting <br />documentation. If removed from the consent agenda, the recommended motion for the action is as follows: “Move to approve the security reduction for Wildflower 4th Addition as detailed in the attached Security Reduction Worksheet, contingent on the developer being current with all other payments, obligations and escrow balances as required by the Development Agreement.” ATTACHMENTS: 1. Security Reduction Worksheet – Wildflower 4th Addition.