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STAFF REPORT <br />DATE: September 17th 2024 <br />CONSENT <br />AGENDA ITEM: Approve Landscape Security Reduction for Inwood 4th Addition <br />SUBMITTED BY: Sophia Jensen, City Planner <br />ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for <br />landscaping for Inwood 4th Addition? <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed requests to reduce the <br />development security for landscaping improvements for Inwood 4th Addition. This phase has a <br />cash escrow not a letter of credit. This phase was inspected and accepted by the Landscape <br />Architect on 8/22/2024. <br /> Current Security Amount Proposed Security Amount <br />$10,000 $01.Inwood 4th Addition <br />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 <br />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, <br />approve the security reductions for Inwood 4th Addition. The release of security is contingent on <br />the developer being current with all other payments and obligations in accordance with the <br />Development Agreement, including a positive escrow balance as required by the city. If <br />removed from the consent agenda, the recommended motion for the action is as follows: <br />“Move to approve the security release for Inwood 4th Addition as detailed in the respective Security <br />Reduction Worksheets, contingent on the developer being current with all other payments and <br />obligations in accordance with the Development Agreement, including a positive escrow balance as <br />required by the city” <br />ATTACHMENTS: <br />1.Security Reduction Worksheets <br />2.Close Out Inspection Letter