#04 - Crossroads East 1st Add - Landscape Security Reduction

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STAFF REPORT DATE: June 17th 2025 CONSENT AGENDA ITEM: Approve Landscape Security Reduction for Crossroads East 1st Addition SUBMITTED BY: Sophia Jensen, Senior City Planner REVIEWED BY: Jason Stopa, Community Development Director ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for landscaping for Crossroads East 1st Addition (Launch Crossroads)? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed the request to reduce the development security for landscaping improvements for the Crossroads Launch Development. These phases were inspected and accepted by the Landscape Architect on 5/23/2025. Current Security Amount Proposed Security Amount $681,021 $358,8541.Crossroads East 1st Add (Launch Crossroads) FISCAL IMPACT: It is the City’s goal to retain, at all times during the subdivision improvements, a security amount that is adequate to ensure completion of all elements of the improvements as protection to the City tax payers against the potential of developer default. RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, approve the security reductions for the Crossroads East 1st Addition development. The release of security is contingent on the developer being current with all other payments and obligations in accordance with the Development Agreement, including a positive escrow balance as required by the city. If removed from the consent agenda, the recommended motion for the action is as follows: “Move to approve the security release for the Crossroads East 1st Addition Development as detailed in the respective Security Reduction Worksheet, contingent on the developer being current with all other payments and obligations in accordance with the Development Agreement, including a positive escrow balance as required by the city” ATTACHMENTS: 1.Security Reduction Worksheet 2.Close Out Inspection Letter