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STAFF REPORT <br />DATE: November 6th 2024 <br />CONSENT <br />AGENDA ITEM: Approve Landscape Security Reduction for Inwood 5th Addition Development <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 5th Addition? <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed the request to reduce <br />the development security for landscaping improvements for the Inwood 5th Addition <br />Development. These phases were inspected and accepted by the Landscape Architect on 9/27/2024. <br /> Current Security Amount Proposed Security Amount <br />$56,250 $01. Inwood 5th 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 <br />to 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 Inwood 5th Addition. The release of security is <br />contingent on the developer being current with all other payments and obligations in accordance <br />with the Development Agreement, including a positive escrow balance as required by the <br />city. If removed from the consent agenda, the recommended motion for the action is as follows: <br />“Move to approve the security release for the Inwood 5th Addition as detailed in the respective Security <br />Reduction Worksheet, 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 Worksheet <br />2.Close Out Inspection Letter