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STAFF REPORT <br />DATE: February 7, 2023 <br /> CONSENT <br /> <br />AGENDA ITEM: Accept Sanitary Sewer and Watermain Improvements and Approve <br />Security Reductions for Lakewood Crossing 2nd Addition <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 public sanitary sewer and watermain <br />improvements and approve security reductions for the Lakewood Crossing 2nd Addition? <br /> <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the public <br />sanitary sewer and watermain improvements and reduce the development security for the Lakewood <br />Crossing 2nd Addition. This request has been reviewed and is being recommended for approval in <br />accordance with the approved Development Agreement, and contingent on the developer being current with <br />all other payments and obligations in accordance with the Development Agreement, including a positive <br />escrow balance as required by the City. The Development Security amount is recommended to be reduced <br />as follows: <br /> <br /> Current Security Amount Proposed Security Amount <br />1. Lakewood Crossing 2nd Addition $ 235,100 $ 161,689 <br /> <br />The Lakewood Crossing 2nd Addition public sanitary sewer and watermain improvements are in the <br />warranty period as identified on the attached Certificate of Completion. Twenty-five percent (25%) of the <br />original security amount will be retained until the warranty periods have expired. <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 public sanitary sewer and watermain improvements and approve the security reductions as <br />detailed in the attached worksheet for the Lakewood Crossing 2nd Addition, all contingent on the developer <br />being current with all other payments and obligations in accordance with the Development Agreement, <br />including a positive escrow balance as required by the City. If removed from the consent agenda, the <br />recommended motion for the action is as follows: <br /> <br />“Move to accept the public sanitary sewer and watermain improvements and approve the security <br />reductions as detailed in the attached worksheet for the Lakewood Crossing 2nd Addition, all <br />contingent on the developer being current with all other payments and obligations in accordance with <br />the Development Agreement.” <br /> <br />ATTACHMENTS: <br />1. Certificate of Completion – Lakewood Crossing 2nd Addition. <br />2. Security Reduction Worksheet – Lakewood Crossing 2nd Addition.