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STAFF REPORT <br />DATE: November 19th 2024 <br />CONSENT <br />AGENDA ITEM: Approve Landscape Security Reduction for Legacy at Northstar Development <br />SUBMITTED BY: Sophia Jensen, City Planner <br />ISSUE BEFORE COUNCIL: Should the City Council approve a release of warranty security for <br />1st addition and a reduction of warranty security for Legacy at Northstar 2nd-4th Additions? <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed the request to reduce <br />the development security for landscaping improvements for the Legacy at Northstar <br />Development. These phases were inspected and accepted by the Landscape Architect on October <br />29th 2024 <br /> Current Security Amount Proposed Security Amount <br />$11,500 <br />$11,700 <br />$0 <br />$0 <br />1. Legacy at Northstar 1stAddition - Developer Trees <br />2. Legacy at Northstar 1st Addition - Builder Trees <br />3.Legacy at Northstar 2nd Addition - Developer Trees <br />4.Legacy at Northstar 2nd Addition - Builder Trees <br />5.Legacy at Northstar 3rd Addition - Developer Trees <br />6.Legacy at Northstar 3rd Addition - Builder Trees <br />7.Legacy at Northstar 4th Addition - Developer Trees <br />8.Legacy at Northstar 4th Addition - Builder Trees <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 Legacy at Northstar development. The release of <br />security is contingent on the developer being current with all other payments and obligations in <br />accordance with the Development Agreement, including a positive escrow balance as <br />required by the city. If removed from the consent agenda, the recommended motion for the action <br />is as follows: <br />“Move to approve the security release for the Legacy at Northstar 1st-4th Additions as detailed in the <br />respective Security Reduction Worksheets, contingent on the developer being current with all other <br />payments and obligations in accordance with the Development Agreement, including a positive escrow <br />balance as required by the city” <br />ATTACHMENTS: <br />1.Security Reduction Worksheets (1st- 4th Addition) <br />2.Close Out Inspection Letters (1st-4th Addition) <br />$30,900 <br />$45,600 <br />$75,969 <br />$52,406 <br />$47,000 <br />$60,500 <br />$41,200 <br />$60,800 <br />$56,977 <br />$39,305 <br />$35,250 <br />$45,375