HomeMy WebLinkAbout#10 Approve Security Reductions STAFF REPORT
DATE: May 16, 2017
CONSENT
ITEM #: 10
AGENDA ITEM: Approve Private Development Security Reductions: Village Preserve 2nd
Addition Grading Security
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 grading security reduction for the
Village Preserve 2nd Addition?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the grading
security for the Village Preserve 2nd Addition. This request has been reviewed and the following reduction
is being recommended:
Current Security Amount Proposed Security Amount
1. Village Preserve 2nd Addition: $482,681 $406,698
The grading work has been completed and verified through the submittal and review of grading record
plans. Staff is therefore recommending the release of grading security in the amount of $75,983.
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 grading security reduction for the 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 the grading security reduction for the Village Preserve 2nd Addition as detailed in
the attached Security Reduction Worksheet.”
ATTACHMENTS:
1. Security Reduction Worksheet – Village Preserve 2nd Addition.
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 $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 $75,983 $0 $0 $0 $0
CUMMULATIVE AMOUNTS:$333,032 $409,014
SECURITY AMOUNT REMAINING:$482,681 $406,698
DATE:2/21/2017 5/16/2017
REDUCTIONS