HomeMy WebLinkAboutVillage Preserve 1st-Approve Security Reduction #1 ADENDA ITEM
MAYOR & COUNCIL COMMUNICATION
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DATE: March 15, 2016 CONSENT ITEM # 7 AGENDA ITEM: Village Preserve 1st Addition – Approve Security Reduction #1.
SUBMITTED BY: Jack Griffin, City Engineer
THROUGH: Clark Schroeder, Interim City Administrator
REVIEWED BY: Stephen Wensman, City Planner Cathy Bendel, Finance Director
SUGGESTED ORDER OF BUSINESS if removed from the Consent Agenda):
- Questions from Council to Staff ............................................. Mayor Facilitates
- Public Input, if Appropriate………………………………….Mayor Facilitates
- Call for Motion ............................................................... Mayor & City Council
- Discussion ....................................................................... Mayor & City Council
- Action on Motion .................................................................... Mayor Facilitates
POLICY RECOMMENDER: Engineering.
FISCAL IMPACT: It is the City’s goal to retain at all times during the subdivision improvements a security amount that is adequate to ensure completion of all elements of the improvements as protection to the City tax payers against the potential of developer default. With this reduction the remaining security amount held by the City will be $1,858,897 which remains sufficient to complete the remaining improvements. SUMMARY AND ACTION REQUESTED: The City Council is respectfully requested to consider approving a reduction in the security amount for the Village Preserve 1st Addition.
LEGISLATIVE HISTORY/BACKGROUND INFORMATION:
The developer has completed a substantial portion of the required development improvements for the Village Preserve 1st Addition including the installation of sanitary sewer, watermain, storm sewer, and street improvements. In accordance with the revised Security Reduction Policy Paragraph G, the
developer is eligible for a reduction in security for Phase 1 in the amount of $728,423.
City Council Meeting [Regular Agenda Item 7]
March 15, 2016
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RECOMMENDATION:
Staff is recommending that the City Council approve, as part of the Consent Agenda, a reduction in the security amount for the Village Preserve 1st Addition. If removed from the consent agenda, the
recommended motion for the action is as follows:
“Move to approve a reduction of the Letter of Credit for the Village Preserve 1st Addition from $2,507,460 down to $1,858,897.” ATTACHMENT(S): 1. Engineer’s Letter Recommending Security Reduction #1 for the Village Preserve 1st Addition. 2. Developer’s Letter Requesting Reduction of Security for the Village Preserve 1st Addition. 3. Security Reduction Worksheet.