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STAFF REPORT <br />DATE: November 19, 2024 <br /> CONSENT <br /> <br />AGENDA ITEM: Approve Security Release for Inwood 6th Addition (Kwik Trip) <br /> SUBMITTED BY: Jack Griffin, City Engineer <br />REVIEWED BY: Nicole Miller, City Administrator <br /> Jason Stopa, Community Development Director Marty Powers, Public Works Director <br /> Clarissa Hadler, Finance Director <br /> Chad Isakson, Assistant City Engineer <br /> <br /> <br />ISSUE BEFORE COUNCIL: Should the City Council approve a security release for Inwood 6th <br />Addition? <br /> <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the <br />development security for the Inwood 6th Addition. This reduction includes the release of warranty security <br />as the warranty period has expired and all corrective work has been completed. This request has been <br />reviewed and is being recommended for approval in accordance with the approved Development <br />Agreement. The approval is contingent on the developer having a positive escrow balance in the minimum <br />amount required by the city, and the developer being current with all payments and obligations required by <br />the Development Agreement. The Development Security amounts are recommended to be reduced as <br />follows: <br /> <br /> Current Security Amount Proposed Security Amount <br />1. Inwood 6th Addition $68,626 $ 0 <br /> <br />This release fully closes out the subdivision improvements and releases all securities on the development. <br /> <br />FISCAL IMPACT: Release of the warranty security closes out the subdivision improvements. The <br />operation and maintenance of the public facilities becomes the 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 release of warranty security for Inwood 6th Addition, contingent on the developer being current <br />with all Development Agreement payments and obligations, including a positive escrow balance as required <br />by the City. If removed from the consent agenda, the recommended motion for the action is as follows: <br /> <br />“Move to approve the release of the warranty security for the Inwood 6th Addition, contingent on the <br />developer being current with all payments and obligations in accordance with the Development <br />Agreement.” <br /> <br />ATTACHMENTS: <br />1. Security Reduction Worksheet – Inwood 6th Addition.