HomeMy WebLinkAbout#15 - Village Preserve 2 and Easton Village 2 Private Dev Security Reduction STAFF REPORT
DATE: October 17, 2017
CONSENT
Item #: 13
AGENDA ITEM: Private Development Projects – Approve Security Reduction for Village
Preserve 2nd Addition and Easton Village 2nd Addition
SUBMITTED BY: Jack Griffin, City Engineer
REVIEWED BY: Kristina Handt, City Administrator Emily Becker, Planning Director Chad Isakson, Assistance City Engineer
ISSUE BEFORE COUNCIL: Should the City Council approve the security reduction for the Village Preserve 2nd Addition and Easton Village 2nd Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the development security for the Village Preserve 2nd Addition and Easton Village 2nd Addition. These requests have been reviewed and the following reductions are being recommended for approval: Current Security Amount Proposed Security Amount 1. Village Preserve 2nd Addition: $ 406,698 $ 324,935
2. Easton Village 2nd Addition: $1,001,487 $ 702,776 These developments are nearing completion and the security reduction amounts have been reviewed
according to the extent of completion for each infrastructure component as detailed in the attached Security Reduction Worksheet. 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 remains sufficient to complete the remaining improvements. RECOMMENDATION: Staff is recommending that the City Council approve, as part of the Consent
Agenda, the security reduction for the Village Preserve 2nd Addition and Easton Village 2nd Addition as detailed in this report and supporting documentation. If removed from the consent agenda, the recommended motion for the action is as follows: “Move to approve security reduction for the Village Preserve 2nd Addition and Easton Village 2nd Addition as detailed in the attached Security Reduction Worksheet.”
ATTACHMENTS: 1. Security Reduction Worksheet – Village Preserve 2nd Addition. 2. Security Reduction Worksheet – Easton Village 2nd Addition.
VILLAGE PRESERVE 2ND ADDITION Time of Performance: October 31, 2016DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading $60,786 $75,983 $75,983Sanitary Sewer $60,734 $75,918 $56,938Watermain $120,071 $150,089 $112,567Storm Sewer (w/pond structures) $41,671 $52,089 $26,044 $13,022Streets $219,972 $274,965 $137,483 $68,741Sidewalks/Trails $58,525 $73,156Surface Water Facilities NA NAStreet Lighting $36,000 $45,000Street Signs and Traffic Control Signs $2,540 $3,175Private Utilities (electricity, natural gas, telephone, and cable)Landscaping $26,745 $33,431Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments $4,500 $5,625Erosion Control $18,525 $23,156Miscellaneous Facilities NA NARecord Drawings $2,500 $3,125TOTALS $652,569 $815,712RELEASED AMOUNTS:$333,032 $75,983 $81,763$184,932CUMMULATIVE AMOUNTS:$333,032 $409,014 $490,778SECURITY AMOUNT REMAINING:$482,681 $406,698 $324,935DATE: 2/21/2017 5/16/2017 10/17/2017REDUCTIONS
EASTON VILLAGE 2ND ADDITION October 31, 2017DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading $238,969 $298,711.25 $298,711Grading $38,286 $47,858Sanitary Sewer $54,276 $67,845Watermain $60,848 $76,059Storm Sewer $54,920 $68,650Streets and Sidewalks $226,308 $282,885Trails $12,570 $15,713Surface Water Facilities $0 $0included in Grading AgreementStreet Lighting $48,000 $60,000By Xcel EnergyStreet Signs and Traffic Control Signs $700 $875Private Utilities (electricity, natural gas, telephone, and cable)Landscaping $46,008 $57,510Tree Preservation and Restoration NA NAincluded in Grading AgreementWetland Mitigation and Buffers NA NALOC Through VBWDMonuments $1,900 $2,375Erosion Control $15,406 $19,257included in Grading AgreementMisc. $0 $0NoneRecord Drawings $3,000 $3,750TOTALS $562,221 $702,776RELEASED AMOUNTS:$0 $0 $0 $0 $0 $0CUMMULATIVE AMOUNTS:$0SECURITY AMOUNT REMAINING:$702,776DATE:10/17/2017Time of Performance: REDUCTIONS