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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 <br /> Marty Powers, Public Works Director <br /> Clarissa Hadler, Finance Director <br /> Chad Isakson, Assistant City Engineer <br /> Mike Rusenovich, Project Engineer <br /> <br /> <br />ISSUE BEFORE COUNCIL: Should the City Council approve a security reduction for the Wildflower <br />4th Addition as itemized below? <br /> <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the <br />development security for the Wildflower 4th Addition. This request has been reviewed and is being <br />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 <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 /> <br /> Current Security Amount Proposed Security Amount <br />1. Wildflower 4th Addition: $1,255,357 $ 793,116 <br /> <br />Work within the development has progressed in accordance with the development agreement and to the <br />extent necessary to support a reduction in the security as detailed in this report. <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 approve, as part of the Consent <br />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: <br /> <br />“Move to approve the security reduction for Wildflower 4th Addition as detailed in the attached <br />Security Reduction Worksheet, contingent on the developer being current with all other payments, <br />obligations and escrow balances as required by the Development Agreement.” <br /> <br />ATTACHMENTS: <br /> <br />1. Security Reduction Worksheet – Wildflower 4th Addition.