Laserfiche WebLink
STAFF REPORT <br />DATE: October 15, 2024 <br /> CONSENT <br /> <br />AGENDA ITEM: Approve Release of Warranty Security for Public Improvements and <br />Landscaping for Boulder Ponds 2nd and 3rd Addition. <br /> <br />SUBMITTED BY: Jack Griffin, City Engineer <br />REVIEWED BY: Nicole Miller, City Administrator Marty Powers, Public Works Director <br /> Clarissa Hadler, Finance Director <br /> Sophia Jensen, City Planner <br />Chad Isakson, Assistant City Engineer <br /> <br /> <br />ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for the public <br />improvements and landscaping for Boulder Ponds 2nd and 3rd Addition? <br /> <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release all warranty <br />securities for Boulder Ponds 2nd and 3rd Addition. These requests have been reviewed and are being <br />recommended for approval in accordance with the approved Development Agreements. Each approval is <br />contingent on the developer having a positive escrow balance in the minimum amount required by the city, <br />and the developer being current with all payments and obligations. The Development Security amounts are <br />recommended to be reduced as follows. <br /> <br /> Current Security Amount Proposed Security Amount <br />1. Boulder Ponds 2nd Addition: $67,500 $0 <br />2. Boulder Ponds 3rd Addition: $201,391 $0 <br /> <br />FISCAL IMPACT: Release of the warranty security closes out the public improvements and landscaping <br />portion of the developments. The operation and maintenance of the public facilities becomes the <br />responsibility of the city going forward. <br /> <br />RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, <br />approve the of warranty securities as detailed in the attached respective worksheets for Boulder Ponds 2nd <br />and 3rd Additions. The release of security is contingent on the developer being current with all payments <br />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 <br />is as follows: <br /> <br />“Move to approve the release of the warranty securities as detailed in the attached respective <br />worksheets for Boulder Ponds 2nd and 3rd Additions, contingent on the developer being current with all <br />payments and obligations in accordance with the Development Agreement, including a positive escrow <br />balance as may be required by the City” <br /> <br />ATTACHMENTS: <br />1. Security Reduction Worksheet – Boulder Ponds 2nd Addition. <br />2. Security Reduction Worksheet – Boulder Ponds 3rd Addition.