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<br /> STAFF REPORT <br />DATE: March 18, 2025 <br /> CONSENT <br /> <br />TO: City Council <br />FROM: Chad Isakson, Project Engineer <br />AGENDA ITEM: Accept Improvements and Approve Security Reduction for Easton Village <br />5th Addition <br />REVIEWED BY: Nicole Miller, City Administrator <br /> Clarissa Hadler, Finance Director <br /> Jason Stopa, Community Development Director <br /> Marty Powers, Public Works Director <br /> Nate Stanley, City Engineer <br /> <br /> <br />CORE STRATEGIES: <br /> <br />☐ Vibrant, inclusive, connected community ☐ Efficient, reliable, innovative services <br />☐ Responsive, transparent, adaptive governance ☒ Balanced Finances now and future <br />☒ Managed Growth ☒ Resilient Infrastructure <br /> <br /> <br />BACKGROUND: Chase Development, Inc. entered into a development agreement with the City for <br />Easton 5th Addition on July 24, 2019. Construction of the public improvements are now complete. <br /> <br />ISSUE BEFORE COUNCIL: Should the City Council accept the Easton Village 5th Addition public <br />improvements and reduce the security amount as outlined in the Easton Village 5th Addition Development <br />Agreement? <br /> <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the <br />improvements and reduce the development security for Easton Village 5th Addition. This request has been <br />reviewed and is being recommended for approval in accordance with the approved Development <br />Agreement. Approval of this reduction is contingent on the developer having a positive escrow balance in <br />the minimum amount required by the City, and the developer being current with all payments and <br />obligations required by the Development Agreement. The Development Security amount is recommended <br />to be reduced as follows: <br /> <br /> Current Security Amount Proposed Security Amount <br />1. Easton Village 5th Addition $804,566 $385,424 <br /> <br />The warranty periods for Easton Village 5th Addition public improvements are identified on the attached <br />Certificate of Completion. One hundred percent of the sanitary sewer, watermain, and landscaping security <br />was released on February 6, 2024 following the end of the utility warranty period. Twenty-five percent <br />(25%) of the original security amount for the remaining public improvement items will be retained until the <br />applicable warranty periods have expired and all warranty corrective work has been completed.