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STAFF REPORT <br />DATE: August 20, 2024 <br /> CONSENT <br /> <br />AGENDA ITEM: Accept Improvements and Approve Security Reductions for the Wildflower at <br />Lake Elmo 4th 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 accept the improvements and approve security reductions for the Wildflower at Lake Elmo 4th Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the improvements and reduce the development security for the Wildflower at Lake Elmo 4th Addition. This request has been reviewed and is being recommended for approval in accordance with the Development Agreement, and contingent on the developer being current with all other required payments and obligations, <br />including a positive escrow balance. The Development Security amount is recommended to be reduced as follows: Current Security Amount Proposed Security Amount 1. Wildflower 4th Addition: $793,116 $661,246 The Wildflower at Lake Elmo 4th Addition public facility warranty periods are identified on the attached Certificate of Completion. Twenty-five percent (25%) of the original security amounts will be retained until the warranty periods have expired and all warranty corrective work has been addressed. 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 <br />the city tax payers against the potential of developer default. RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, <br />accept the improvements and approve the security reductions as detailed in the attached worksheet for the Wildflower at Lake Elmo 4th Addition, contingent on the developer being current with all other payments and obligations in accordance with the Development Agreement, including a positive escrow balance as <br />may be required by the City. If removed from the consent agenda, the recommended motion for the action is as follows: <br />“Move to accept the improvements and approve a security reduction as detailed in the attached Security Reduction Worksheet for Wildflower at Lake Elmo 4th Addition, contingent on the developer being current with all other subdivision payments and obligations.” ATTACHMENTS: 1. Certificate of Completion – Wildflower at Lake Elmo 4th Addition 2. Security Reduction Worksheet – Wildflower at Lake Elmo 4th Addition