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the acceptance of the public sanitary sewer and watermain, the 2-year warranty period will be <br />initiated as shown on the attached Certificate of Completion. Twenty-five percent (25%) of the <br />original security amount will be retained until the warranty period has expired. The operation and <br />maintenance of the public sanitary sewer and watermain becomes the responsibility of the City <br />going forward. <br /> <br />These requests have been reviewed and are being recommended for approval in accordance with the <br />approved Development Agreement for each addition. The Development Security amounts are <br />recommended to be reduced as follows: <br /> Current Security Amount Proposed Security Amount <br />1. Royal Golf 3rd Addition $1,916,902 $1,582,819 <br />2. Royal Golf 5th Addition $4,647,938 $2,894,550 <br />3. Royal Golf 6th Addition $2,421,314 $1,276,551 <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 respective <br />worksheets for Royal Golf 3rd Addition, Royal Golf 5th Addition; and Royal Golf 6th Addition; contingent <br />on the developer being current with all payments and obligations in accordance with the Development <br />Agreements, including a positive escrow balance as required by the City. If removed from the consent <br />agenda, the recommended motion for the action is as follows: <br /> <br />Motion to accept the improvements and approve the security reductions as detailed in the attached <br />worksheets for Royal Golf 3rd Addition, Royal Golf 5th Addition; and Royal Golf 6th Addition; <br />contingent on the developer being current with all payments and obligations in accordance with the <br />Development Agreement, including a positive escrow balance as required by the City. <br /> <br /> <br />ATTACHMENTS: <br /> <br />1. Certificate of Completion – Royal Golf 5th Addition. <br />2. Certificate of Completion – Royal Golf 6th Addition. <br />3. Security Reduction Worksheet – Royal Golf 3rd Addition. <br />4. Security Reduction Worksheet – Royal Golf 5th Addition. <br />5. Security Reduction Worksheet – Royal Golf 6th Addition.