#13 - Easton Village 2nd and 3rd Addition Security Release

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STAFF REPORT DATE: February 6, 2024 CONSENT AGENDA ITEM: Approve Release of Mass Grading Security and Warranty Security for Easton Village 2nd and 3rd Additions 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 ISSUE BEFORE COUNCIL: Should the City Council approve release of the Mass Grading Security and Warranty Security for Easton Village 2nd and 3rd Additions? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release all warranty securities for Easton Village 2nd and 3rd Addition along with an Easton Village mass grading security. 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. The Development Security amounts are recommended to be reduced as follows: Current Security Amount Proposed Security Amount 1. Easton Village 2nd Addition $ 127,754 $ 0 2. Easton Village 3rd Addition $ 137,707 $ 0 3. Easton Village Mass Grading $ 66,600 $ 0 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 security closes out the public improvements for each development phase. The operation and maintenance of these facilities become the responsibility of the city going forward. RECOMMENDATION: Staff is recommending that the City Council approve, as part of the Consent Agenda, the release of warranty securities as detailed in the attached respective worksheets for the Easton Village 2nd and 3rd Addition and the Easton Village mass grading security, contingent on the developer being current with all payments and obligations in accordance with the Development Agreement, 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: “Move to approve the release of warranty securities as detailed in the attached respective worksheets for the Easton Village 2nd and 3rd Additions and the Easton Village mass grading security, contingent on the developer being current with all Development Agreement payments and obligations.” ATTACHMENTS: 1. Security Reduction Worksheet – Easton Village 2nd Addition. 2. Security Reduction Worksheet – Easton Village 3rd Addition. 3. Security Reduction Worksheet – Easton Village Mass Grading.