HomeMy WebLinkAbout#10 - Village Preserve Security ReductionsSTAFF REPORT
DATE: December 19, 2017
CONSENT
ITEM #: 10
AGENDA ITEM: Village Preserve 1st and 2nd Additions – Accept Improvements and Approve
Reduction of Security
SUBMITTED BY: Jack Griffin, City Engineer REVIEWED BY: Kristina Handt, City Administrator Emily Becker, Planning Director
Rob Weldon, Public Works Director
ISSUE BEFORE COUNCIL: Should the City Council accept the improvements and approve security reductions for Village Preserve 1st and 2nd Additions?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the
improvements and to reduce the development security for Village Preserve 1st and 2nd Addition. These requests have been reviewed and the following reductions are being recommended:
Current Security Amount Proposed Security Amount 1.Village Preserve 1st Addition: $ 619,323 $ 583,070 2.Village Preserve 2nd Addition: $ 324,935 $ 210,007
The Village Preserve 1st and 2nd Addition public improvements have been completed in accordance with their respective development agreements dated August 24, 2015 and August 19, 2016 with the exception of Landscaping. The improvements are in the warranty period per the attached Certificates of Completion. A security amount of 25% of the original security will be retained until the warranty period has expired. Landscaping Improvements will be accepted separately and with different warranty dates.
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.
RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, accept the improvements and approve the security reductions for Village Preserve 1st and 2nd Additions as detailed in the respective reports. If removed from the consent agenda, the recommended motion for the
action is as follows:
“Move to accept the improvements and approve security reduction for Village Preserve 1st and 2nd Addition as detailed in the respective Security Reduction Worksheets”.
ATTACHMENTS:
1.Village Preserve 1st Addition – Engineers Certificate of Acceptance.
2.Village Preserve 2nd Addition – Engineers Certificate of Acceptance.
3.Security Reduction Worksheets – Village Preserve 1st and 2nd Additions.
VILLAGE PRESERVE 1ST ADDITION Time of Performance: October 31, 2016DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5Grading $79,860 NAShared Wildflower Improvements $255,801 $319,751.25Grading $456,502 $570,627.50 $570,628100%Sanitary Sewer $227,849 $284,811.25 $213,60875%Watermain $224,251 $280,313.75 $210,23575%Streets (includes sidewalks/trails) $727,995 $909,993.75 $163,79918%$518,69675%Surface Water Facilities $225,248 $281,560.00 $140,78050%$70,39075%Erosion Control $27,970 $34,962.50$26,222Sidewalks/Trails NA NAIncluded in StreetsStreet Lighting NA NABy Xcel EnergyStreet Signs and Traffic Control Signs $3,600 $4,500.00$3,375Landscaping $105,453 $131,816.25Tree Preservation and Restoration NA NAincluded in Erosion ControlWetland Mitigation and Buffers NA NALOC Through VBWDMonuments $4,600 $5,750.00$4,313Miscellaneous Facilities NA NANoneRecord Drawings + PL $2,500 $3,125.00$2,344TOTALS $2,005,968 $2,507,460.00RELEASED AMOUNTS:$728,423 $589,086 $570,628 $36,253$484,208CUMMULATIVE AMOUNTS:$728,423 $1,317,509 $1,888,137 $1,924,390SECURITY AMOUNT REMAINING:$1,779,037 $1,189,951 $619,323 $583,070DATE:3/15/2016 8/2/2016 9/6/2016 12/19/2017REDUCTIONSSite Grading Agrmt: Assumed ReplacedNever Received: Provided by Wildflower
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 $73,156 $54,867Surface Water Facilities NA NAStreet Lighting $36,000 $45,000 $33,750Street Signs and Traffic Control Signs $2,540 $3,175 $2,381Private Utilities (electricity, natural gas, telephone, and cable)Landscaping $26,745 $33,431Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments $4,500 $5,625 $4,219Erosion Control $18,525 $23,156 $17,367Miscellaneous Facilities NA NARecord Drawings $2,500 $3,125 $2,344TOTALS $652,569 $815,712RELEASED AMOUNTS:$333,032 $75,983 $81,763 $114,928$184,932CUMMULATIVE AMOUNTS:$333,032 $409,014 $490,778 $605,706SECURITY AMOUNT REMAINING:$482,681 $406,698 $324,935 $210,007DATE: 2/21/2017 5/16/2017 10/17/2017 12/19/2017REDUCTIONS