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STAFF REPORT <br />DATE: February 7, 2023 <br /> CONSENT <br /> <br />AGENDA ITEM: Accept Improvements and Approve Security Reductions for Inwood 6th <br />Addition (Kwik Trip) <br /> SUBMITTED BY: Jack Griffin, City Engineer <br />REVIEWED BY: Kristina Handt, City Administrator <br /> Sophia Jensen, City Planner Marty Powers, Public Works Director <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 Inwood 6th Addition? <br /> <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the <br />improvements and reduce the development security for Inwood 6th Addition (Kwik Trip). This request has <br />been reviewed and is being recommended for approval in accordance with the approved Development <br />Agreement, and 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 required by the City. <br />The 2-year warranty period for watermain expired on August 1, 2022 and no corrective items are required. <br />The Development Security amount is recommended to be reduced as follows: <br /> <br /> Current Security Amount Proposed Security Amount <br />1. Inwood 6th Addition $ 439,246 $ 68,626 <br /> <br />The Inwood 6th Addition facilities are in the warranty period as identified on the attached Certificate of <br />Completion. Twenty-five percent (25%) of the original security amount will be retained until the warranty <br />periods have expired and all warranty corrective work has been completed. <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. Release of the warranty security brings the <br />operation and maintenance of the public watermain the responsibility of the city going forward. <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 Inwood 6th Addition, all contingent on the developer being current with all other payments <br />and obligations in 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 is as <br />follows: <br /> <br />“Move to accept the improvements and approve the security reductions as detailed in the attached <br />respective worksheets for Inwood 6th Addition, contingent on the developer being current with all other <br />payments and obligations in accordance with the Development Agreement.” <br /> <br />ATTACHMENTS: <br />1. Certificate of Completion – Inwood 6th Addition. <br />2. Security Reduction Worksheet – Inwood 6th Addition.