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Home My WebLink About#11 Development Projects-Approve Security Reductions STAFF REPORT DATE: March 21, 2017 CONSENT ITEM #: 11 AGENDA ITEM: Private Development Projects – Approve Security Reductions for the Inwood PUD 1st, 2nd, and 3rd Additions 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 Inwood PUD 1st, 2nd, and 3rd Additions? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the development security for the Inwood PUD 1st, 2nd, and 3rd Additions. These requests have been reviewed and the following reductions are being recommended: Current Security Amount Proposed Security Amount 1. Inwood PUD 1st and 2nd Additions: $3,714,873 $1,948,198 2. Inwood PUD 3rd Addition: $2,059,218 $1,030,896 Each development phase 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 this report. 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 Inwood PUD 1st, 2nd, and 3rd Additions 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 Inwood PUD 1st, 2nd, and 3rd Additions as detailed in their respective Security Reduction Worksheet.” ATTACHMENTS: 1. Security Reduction Worksheet – Inwood PUD 1st and 2nd Addition. 2. Security Reduction Worksheet – Inwood PUD 3rd Addition. INWOOD 1ST AND 2ND ADDITIONS Time of Performance: July 1, 2016 DEVELOPMENT AGREEMENT AMOUNTS CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6 Grading $314,000 NA Sanitary Sewer $412,585 $515,731.25 75%$386,798 Watermain $510,249 $637,811.25 75%$478,358 Streets $1,114,212 $1,392,765.00 $696,383 Surface Water Facilities $599,736 $749,670.00 $374,835 Erosion Control NA NA included in Grading Agreement Sidewalks/Trails $212,175 $265,218.75 Included in Streets $132,609 Street Lighting NA NA By Xcel Energy Street Signs and Traffic Control Signs $18,705 $23,381.25 $11,691 Landscaping $97,236 $121,545.00 Tree Preservation and Restoration NA NA included in Grading Agreement Wetland Mitigation and Buffers NA NA LOC Through VBWD Monuments $5,000 $6,250.00 Miscellaneous Facilities NA NA None Record Drawings $2,000 $2,500.00 TOTALS $2,971,898 $3,714,872.50 RELEASED AMOUNTS:$2,080,674 $0 $0 $0 $0 CUMMULATIVE AMOUNTS:$2,080,674 SECURITY AMOUNT REMAINING:$1,948,198 DATE:3/21/2017 REDUCTIONS INWOOD 3RD ADDITION October 31, 2016 DEVELOPMENT AGREEMENT AMOUNTS CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6 Grading NA NA Included in Overall Grading Agreement Sanitary Sewer $277,278 $346,597.75 $259,948 Watermain $315,803 $394,753.75 $296,065 Storm Sewer (w/pond structures) $254,543 $318,178.75 $159,089 Streets $501,150 $626,437.50 $313,219 Sidewalks/Trails $80,290 $100,362.50 Surface Water Facilities NA NA included in Grading Agreement Street Lighting $48,000 $60,000.00 By Xcel Energy Street Signs and Traffic Control Signs $7,010 $8,762.50 Private Utilities (electricity, natural gas, telephone, and cable) Landscaping $151,500 $189,375.00 Tree Preservation and Restoration NA NA included in Grading Agreement Wetland Mitigation and Buffers NA NA LOC Through VBWD Monuments $6,800 $8,500.00 Erosion Control NA NA included in Grading Agreement Miscellaneous Facilities NA NA None Record Drawings $5,000 $6,250.00 TOTALS $1,647,374 $2,059,217.75 RELEASED AMOUNTS:$1,028,322 $0 $0 $0 $0 $0 CUMMULATIVE AMOUNTS:$1,028,322 SECURITY AMOUNT REMAINING:$1,030,896 DATE:3/21/2017 Time of Performance: REDUCTIONS