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STAFF REPORT <br />DATE: August 7th 2024 <br />CONSENT <br />AGENDA ITEM: Approve Landscape Security Reduction for Hidden Meadows Development SUBMITTED BY: Sophia Jensen, City Planner <br />ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for landscaping for Hidden Meadows phase 1 and 2? <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed requests to reduce the development security for landscaping improvements for the Hidden Meadows Development. These phases were inspected and accepted by the Landscape Architect on 7/12/2024. <br /> Current Security Amount Proposed Security Amount <br />$57,813 $01.Hidden Meadows (Phase 1 and 2) <br />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. <br />RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, approve the security reductions for the Hidden Meadows development. The release of security is <br />contingent on the developer being current with all other 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: <br />“Move to approve the security release for the Hidden Meadows 1st and 2nd additions as detailed in the respective Security Reduction Worksheets, contingent on the developer being current with all other payments and obligations in accordance with the Development Agreement, including a positive escrow balance as required by the city” <br />ATTACHMENTS: <br />1.Security Reduction Worksheets2.Close Out Inspection Letters (Phase 1 and 2)