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<br /> STAFF REPORT <br />DATE: February 4, 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 />Bank <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 />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 Bank, Inc. entered into a site improvement agreement with the City for <br />Bridgewater Bank on March 17, 2025. Construction of the public improvements is now complete. <br /> <br />ISSUE BEFORE COUNCIL: Should the City Council accept the Bridgewater Bank improvements and <br />reduce the security amount as outlined in the Bridgewater Bank Site Improvement Agreement? <br /> <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the <br />improvements and reduce the security for the Bridgewater Bank project. This request has been reviewed <br />and is being recommended for approval in accordance with the approved Site Improvement Agreement. <br />Approval of this reduction is contingent on the developer having a positive escrow balance in the minimum <br />amount required by the City, and the developer being current with all payments and obligations required <br />by the Site Improvement Agreement. The security amount is recommended to be reduced as follows: <br /> <br /> Current Security Amount Proposed Security Amount <br />1. Bridgewater Bank <br /> (11999 Upper 40th Street N) <br />$293,750 $140,000 <br /> <br />The warranty periods for the improvements are identified on the attached Certificate of Completion. <br />Twenty-five percent (25%) of the original security amount for the public improvement items will be <br />retained until the applicable warranty periods have expired and all warranty corrective work has been <br />completed. 100% of the landscaping security has been retained. <br />