HomeMy WebLinkAbout#6 Village Preserve 1st-Approve Security Reduction #3 ADENDA ITEM
MAYOR & COUNCIL COMMUNICATION
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DATE: September 6, 2016
CONSENT
ITEM # 6
AGENDA ITEM: Village Preserve 1st Addition – Approve Security Reduction #3.
SUBMITTED BY: Jack Griffin, City Engineer
THROUGH: Kristina Handt, 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 $619,323 which
remains sufficient to complete the remaining improvements.
SUMMARY AND ACTION REQUESTED: The City Council is respectfully requested to
consider approving, as part of the Consent Agenda, the third 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 all grading work. In accordance with the revised Security
Reduction Policy Paragraph A, the developer is eligible for a reduction in security for Phase 1 in
the amount of $570,628.
City Council Meeting [Consent Agenda Item 6]
September 6, 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 the third reduction of the Letter of Credit for the Village Preserve 1st
Addition from $1,189,951 down to $619,323.”
ATTACHMENT(S):
1. Engineer’s Letter Recommending Security Reduction #3 for the Village Preserve 1st
Addition.
2. Security Reduction Worksheet.
3800 Laverne Avenue North • Lake Elmo • Minnesota 55042
Phone: (651) 747-3900 • Fax: (651) 747-3901 • www.lakeelmo.org
September 7, 2016
Craig Allen, Chief Manager
Gonyea Company
10850 Old County Road 15, Suite 200
Plymouth, MN 55441
Re: Village Preserve 1st Addition
Lake Elmo, Minnesota
Irrevocable Letter of Credit No. 320
Dear Mr. Allen:
We have reviewed and processed your request for a reduction in the security for the Village Preserve 1st
Addition in Lake Elmo, MN. At this time the Irrevocable Letter of Credit No. 320 may be reduced to
$619,323. Please process the security reduction through the office of the Lake Elmo City Clerk.
This represents a reduction in the amount of 100% of the grading security. Should you have any
questions or require additional information, please call me 651.300.4264.
Sincerely,
John (Jack) W. Griffin, P.E.
City Engineer
cc: Kristina Handt, City Administrator
Julie Johnson, City Clerk
Cathy Bendel, Finance Director
Stephen Wensman, City Planner
J Griffin
VILLAGE PRESERVE 1ST ADDITION Time of Performance: October 31, 2016
DEVELOPMENT AGREEMENT AMOUNTS
CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5
Grading $79,860 NA
Shared Wildflower Improvements $255,801 $319,751.25
Grading $456,502 $570,627.50 $570,628 100%
Sanitary Sewer $227,849 $284,811.25 $213,608 75%
Watermain $224,251 $280,313.75 $210,235 75%
Streets (includes sidewalks/trails) $727,995 $909,993.75 $163,799 18%$518,696 75%
Surface Water Facilities $225,248 $281,560.00 $140,780 50%$70,390 75%
Erosion Control $27,970 $34,962.50
Sidewalks/Trails NA NA Included in Streets
Street Lighting NA NA By Xcel Energy
Street Signs and Traffic Control Signs $3,600 $4,500.00
Landscaping $105,453 $131,816.25
Tree Preservation and Restoration NA NA included in Erosion Control
Wetland Mitigation and Buffers NA NA LOC Through VBWD
Monuments $4,600 $5,750.00
Miscellaneous Facilities NA NA None
Record Drawings $2,500 $3,125.00
TOTALS $2,005,968 $2,507,460.00 RELEASED AMOUNTS:$728,423 $589,086 $570,628 $0 $0
CUMMULATIVE AMOUNTS:$728,423 $1,317,509 $1,888,137
SECURITY AMOUNT REMAINING:$1,779,037 $1,189,951 $619,323
DATE:3/15/2016 8/2/2016 9/6/2016
REDUCTIONS
Site Grading Agrmt: Assumed Replaced
Never Received: Provided by Wildflower