The URL can be used to link to this page

Home My WebLink About#08 Development Projects-Approve Security Reductions ADENDA ITEM STAFF REPORT DATE: February 21, 2017 CONSENT ITEM #: 8 AGENDA ITEM: Private Development Projects – Approve Security Reductions for the Boulder Ponds 5th Street North Improvements and Village Preserve 2nd Addition SUBMITTED BY: Jack Griffin, City Engineer REVIEWED BY: Kristina Handt, City Administrator Stephen Wensman, Planning Director Chad Isakson, Assistance City Engineer ISSUE BEFORE COUNCIL: Should the City Council approve the security reductions for the Boulder Ponds 5th Street North Improvements and Village Preserve 2nd Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the development security for the Boulder Ponds 5th Street N. Improvements and Village Preserve 2nd Addition. These requests have been reviewed and the following reductions are being recommended as follows: Current Security Amount Proposed Security Amount 1. Boulder Ponds 5th Street Imp.: $ 848,691 $ 745,004 2. Village Preserve 2nd Addition: $ 894,649 $ 431,488 Each development is at a various stage of completion and each reduction amount has 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 these reductions, the remaining security amounts 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 reductions for the Boulder Ponds 5th Street North Improvements and Village Preserve 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 reductions for the Boulder Ponds 5th Street N. Improvements and Village Preserve 2nd Addition as detailed in their respective Security Reduction Worksheet.” ATTACHMENTS: 1. Security Reduction Worksheet – Boulder Ponds 5th Street North. 2. Security Reduction Worksheet – Village Preserve 2nd Addition. BOULDER PONDS 5TH STREET NORTH Time of Performance: October 31, 2017 DEVELOPMENT AGREEMENT AMOUNTS CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6 Grading NA NA Included in Boulder Ponds 1st Addition Sanitary Sewer $46,600 $58,250 $43,688 Watermain $64,000 $80,000 $60,000 Storm Sewer (w/pond structures) $97,300 $121,625 Streets $287,700 $359,625 Sidewalks/Trails $71,000 $88,750 Surface Water Facilities NA NA Street Lighting NA NA Street Signs and Traffic Control Signs $11,600 $14,500 Private Utilities (electricity, natural gas, telephone, and cable)NA Landscaping $100,753 $125,941 Tree Preservation and Restoration NA NA Wetland Mitigation and Buffers NA NA Monuments NA NA Erosion Control NA NA Miscellaneous Facilities NA NA Record Drawings NA NA TOTALS $678,953 $848,691 RELEASED AMOUNTS:$103,688 $0 $0 $0 $0 $0 CUMMULATIVE AMOUNTS:$103,688 SECURITY AMOUNT REMAINING:$745,004 DATE:2/21/2017 REDUCTIONS VILLAGE PRESERVE 2ND ADDITION Time of Performance: October 31, 2016 DEVELOPMENT AGREEMENT AMOUNTS CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6 Grading $60,786 $75,983 Sanitary Sewer $60,734 $75,918 $56,938 Watermain $120,071 $150,089 $112,567 Storm Sewer (w/pond structures) $41,671 $52,089 $26,044 Streets $219,972 $274,965 $137,483 Sidewalks/Trails $58,525 $73,156 Surface Water Facilities NA NA Street Lighting $36,000 $45,000 Street Signs and Traffic Control Signs $2,540 $3,175 Private Utilities (electricity, natural gas, telephone, and cable) Landscaping $26,745 $33,431 Tree Preservation and Restoration NA NA Wetland Mitigation and Buffers NA NA Monuments $4,500 $5,625 Erosion Control $18,525 $23,156 Miscellaneous Facilities NA NA Record Drawings $2,500 $3,125 TOTALS $652,569 $815,712 RELEASED AMOUNTS:$333,032 $0 $0 $0 $0 $0 CUMMULATIVE AMOUNTS:$333,032 SECURITY AMOUNT REMAINING:$482,681 DATE:2/21/2017 REDUCTIONS