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STAFF REPORT <br />DATE: December 17th 2024 <br />CONSENT <br />AGENDA ITEM: Approve Landscape Security Reduction for 173 Jade Trl (Enterprise Rent a Car) <br />Development <br />SUBMITTED BY: Sophia Jensen, Senior City Planner <br />ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for <br />landscaping for Enterprise Rent a Car? <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed the request to reduce <br />the development security for landscaping improvements for the Enterprise Rent a Car <br />Development. These phases were inspected and accepted by the Landscape Architect on 11/7/24. <br /> Current Security Amount Proposed Security Amount <br />$1,047,500 $888,1251. Enterprise Rent a Car <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 Enterprise Rent a Car 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 Enterprise Rent a Car as detailed in the respective <br />Security 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