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STAFF REPORT <br />DATE: November 19, 2024 <br /> CONSENT <br /> <br />AGENDA ITEM: Accept Improvements and Approve Security Reductions for Springs at Lake <br />Elmo <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 accept the improvements and approve security <br />reductions for Springs at Lake Elmo? <br /> <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the <br />improvements and reduce the development security for Springs at Lake Elmo. This request has been <br />reviewed and is being recommended for approval in accordance with the Development Agreement, and <br />contingent on the developer being current with all other required payments and obligations, including a <br />positive escrow balance. Additionally, the warranty period for public sanitary sewer and watermain has <br />expired and security release for these facilities is recommended with this approval. The Development <br />Security amount is recommended to be reduced as follows: Current Security Amount Proposed Security Amount <br />1. Springs at Lake Elmo: $2,661,462 $602,847 <br /> <br />The Springs at Lake Elmo public facility warranty periods are identified on the attached Certificate of <br />Completion. Twenty-five percent (25%) of the original security amounts will be retained until the warranty <br />periods have expired and all warranty corrective work has been addressed. Operation and maintenance of <br />public sanitary sewer and watermain facilities are the responsibility of the city going forward. <br /> <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 /> <br />RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, <br />accept the improvements and approve the security reductions as detailed in the attached worksheet for <br />Springs at Lake Elmo, contingent on the developer being current with all other payments and obligations <br />in accordance with the Development Agreement, including a positive escrow balance as may be required <br />by the City. If removed from the consent agenda, the recommended motion for the action is as follows: <br /> <br />“Move to accept the improvements and approve a security reduction as detailed in the attached <br />Security Reduction Worksheet for Springs at Lake Elmo, contingent on the developer being current <br />with all other subdivision payments and obligations.” <br /> <br />ATTACHMENTS: <br />1. Certificate of Completion – Springs at Lake Elmo <br />2. Security Reduction Worksheet – Springs at Lake Elmo