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<br /> STAFF REPORT <br />DATE: January 6, 2026 <br /> CONSENT <br /> <br />TO: City Council <br />FROM: Mike Rusenovich, Project Engineer <br />AGENDA ITEM: Accept Improvements and Approve Security Reduction for Bridgewater <br />Village <br />REVIEWED BY: Nicole Miller, City Administrator <br /> Clarissa Hadler, Finance Director <br /> Jason Stopa, Community Development Director <br /> Adam Swanepoel, Interim Public Works Director <br /> Nate Stanley, City Engineer <br /> <br /> <br />CORE STRATEGIES: <br /> <br />☐ Vibrant, inclusive, connected community ☐ Efficient, reliable, innovative services <br />☐ Responsive, transparent, adaptive governance ☒ Balanced Finances now and future <br />☒ Managed Growth ☒ Resilient Infrastructure <br /> <br /> <br />BACKGROUND: Bridgewater Bancshares, Inc. entered into a development agreement with the City for <br />Bridgewater Village on October 9th, 2024. Construction of the public improvements is now complete. <br /> <br />ISSUE BEFORE COUNCIL: Should the City Council accept the Bridgewater Village improvements and <br />reduce the security amount as outlined in the Bridgewater Village Development Agreement? <br /> <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the <br />improvements and reduce the development security for Bridgewater Village. This request has been <br />reviewed and is being recommended for approval in accordance with the approved Development <br />Agreement. Approval of this reduction is contingent on the developer having a positive escrow balance in <br />the minimum amount required by the City, and the developer being current with all payments and <br />obligations required by the Development Agreement. The Development Security amount is recommended <br />to be reduced as follows: <br /> <br /> DA Security Amount Proposed Security Amount <br />1. Bridgewater Village $5,955,110 $1,949,189 <br /> <br />The warranty periods for the improvements will be initiated as outlined on the attached Certificate of <br />Completion. Twenty-five percent (25%) of the original security amount will be retained until the applicable <br />warranty periods have expired and all warranty corrective work has been completed. One hundred percent <br />(100%) of the landscaping security has been retained. Additionally, one hundred percent (100%) of the <br />security related to the Stormwater Reuse Irrigation system has been retained. <br />