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STAFF REPORT <br />DATE: February 6, 2024 <br /> CONSENT <br /> <br />AGENDA ITEM: Accept Improvements for Easton Village 4th Addition, and Approve Security Reductions for Easton Village 4th and 5th 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 for Easton Village 4th <br />Addition, and approve security reductions for Easton Village 4th and 5th Additions? <br /> PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the public improvements and reduce the development security for the Easton Village 4th Addition; and release the <br />landscaping and utility warranty security for Easton Village 4th and 5th Additions as the respective warranty periods have expired and all corrective work has been completed. These requests have been reviewed and are being recommended for approval in accordance with the approved Development Agreements. 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 required by the Development Agreement. The Development Security amounts are recommended to be reduced as follows: Current Security Amount Proposed Security Amount 1. Easton Village 4th Addition $ 454,176 $ 93,053 2. Easton Village 5th Addition $ 993,824 $ 804,566 The Easton Village 4th Addition public improvement warranty period will be initiated as outlined in the attached Certificate of Completion. Twenty-five percent (25%) of the original security amounts will be retained until the applicable warranty periods have expired and all warranty corrective work has been <br />completed. 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 the city tax payers against the potential of developer default. Release of the public landscaping, sanitary sewer, and watermain warranty security closes out the public landscape and utility improvement portion of <br />the development. The operation and maintenance of these facilities become the responsibility of the city going forward. RECOMMENDATION: Staff is recommending that the City Council accept, as part of the Consent Agenda, the Easton Village 4th Addition improvements and approve the security reductions and release as detailed in the attached respective worksheets for the Easton Village 4th and 5th Additions, contingent on the developer being current with all Development Agreement payments and obligations, including a positive escrow balance as required by the City. If removed from the consent agenda, the recommended motion for the action is as follows: