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STAFF REPORT <br />DATE: May 2nd 2023 <br />CONSENT <br />AGENDA ITEM: Approve Landscape Security Reduction for Savona Development <br />SUBMITTED BY: Sophia Jensen, City Planner <br />ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for <br />landscaping for Savona 1st, 2nd, and 3rd additions, and a landscape security reduction for 4th addition? <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed requests to reduce the <br />development security for landscaping improvements for the Savona Development. This is the final <br />request to release the landscape security for 1st-3rd additions. These phases were inspected and <br />accepted by the Landscape Architect on 7/8/2020. <br />This is the first request to reduce the landscaping security for 4th addition. The 4th addition was accepted <br />into landscape warranty on 11/15/2022. The City will continue to retain funds until after the final landscape <br />inspection is completed which is expected to happen in 2024. <br /> Current Security Amount Proposed Security Amount <br />1. Savona 1 <br />st $483,453 $453,067 <br />2. Savona 2nd $405,947 $358,004 <br />3. Savona 3 <br />rd $544,562 $514,806 <br />4. Savona 4 <br />th $1,534,932 $1,468,090 <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 />RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, <br />approve the security reductions for the Savona Development.. The release of security is contingent on the <br />developer being current with all other payments and obligations in accordance with the Development <br />Agreement, 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 />“Move to approve the security release for the Savona 1st, 2nd, and 3rd additions, and a security <br />reduction for 4th addition as detailed in the respective Security Reduction Worksheets, contingent on <br />the developer being current with all other payments and obligations in accordance with the <br />Development Agreement, including a positive escrow balance as required by the city” <br />ATTACHMENTS: <br />1.Security Reduction Worksheets – Savona 1st – 4th Additions <br />2. 1 <br />st – 3rd Additions Close Out Inspection Letter <br />3. 4 <br />th Addition Start of Warranty Period Inspection Letter