Laserfiche WebLink
STAFF REPORT <br />DATE: September 17th 2024 <br />CONSENT <br />AGENDA ITEM: Approve Security Reduction for Ebertz Addition (Drake Motor Partners Tesla Site) <br />SUBMITTED BY: Sophia Jensen, City Planner <br />REVIEWED BY: Chad Isakson, Assistant City Engineer <br />ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for <br />landscaping, tree preservation, tree replacement, and grading for Ebertz Addition (Drake Motor Partners <br />Tesla Site) <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed requests to reduce <br />the development security for for the Ebertz Addition (Drake Motor Partners Tesla Site). This <br />work was inspected and accepted by the Landscape Architect and City Engineer in August of 2024. <br /> Current Security Amount Proposed Security Amount <br />$151,3841.Landscaping Reduction <br />2.Tree Preservation Reduction <br />3.Tree Replacement <br />4.Grading <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 the development. The release of security is contingent on the <br />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 Ebertz Addition (Drake Motor Partners Tesla Site) as <br />detailed in the respective Security Reduction Worksheets, contingent on the developer being current <br />with all other payments and obligations in accordance with the Development Agreement, including a <br />positive escrow balance as required by the city” <br />ATTACHMENTS: <br />1.Security Reduction Worksheets <br />2.Close Out Inspection Letters (Tree Preservation and Landscaping) <br />$185,363 <br />$12,350 <br />$148,250 <br />$113,538 <br />$139,022 <br />$0 <br />$0