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STAFF REPORT <br />DATE: August 7, 2024 <br /> CONSENT <br /> <br />AGENDA ITEM: Approve Release of Warranty Security for Public Improvements for Savona 3rd <br />Addition. SUBMITTED BY: Jack Griffin, City Engineer <br />REVIEWED BY: Nicole Miller, City Administrator Marty Powers, Public Works Director Clarissa Hadler, Finance Director <br /> Sophia Jensen, City Planner <br />Chad Isakson, Assistant City Engineer <br /> ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for the public improvements for Savona 3rd Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the development security for Savona 3rd Addition. The 1-year warranty period for the public improvements expired on September 3, 2020. Twenty-five percent (25%) of the original security was retained through the 1-year warranty period. A warranty walk-through was completed by city staff and all warranty punch list <br />items have since been addressed by the developer including infiltration basin corrections. With the release of the warranty security the overall development security may be reduced as shown below: Current Security Amount Proposed Security Amount 1. Savona 3rd Addition: $514,806 $0 This release fully closes out the public improvements and releases all securities on the developement. FISCAL IMPACT: Release of the warranty security closes out the public improvement portion of the development. The operation and maintenance of the public facilities becomes the responsibility of the city going forward. <br /> RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, approve the release of public improvement warranty security for Savona 3rd Addition. The release of <br />security is contingent on the developer being current with all payments and obligations in accordance with the Development Agreement, including a positive escrow balance as may be required by the City. If removed from the consent agenda, the recommended motion for the action is as follows: <br /> “Move to approve the release of the warranty security for Savona 3rd Addition as detailed in the respective Security Reduction Worksheet, contingent on the developer being current with all payments <br />and obligations in accordance with the Development Agreement, including a positive escrow balance as may be required by the City” ATTACHMENTS: 1. Security Reduction Worksheet – Savona 3rd Addition.