HomeMy WebLinkAbout# 08 - Private Development Security Reduction - Inwood PUD 1st and 2nd Additions STAFF REPORT
DATE: September 19, 2017
CONSENT
AGENDA ITEM: Private Development Projects – Approve Security Reduction for Inwood
PUD 1st and 2nd Additions
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 reductions for Inwood PUD
1st and 2nd Additions?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the
development security for the Inwood PUD 1st and 2nd Additions. These requests have been reviewed and
the following reductions are being recommended for approval:
Current Security Amount Proposed Security Amount
1. Inwood PUD 1st and 2nd Additions: $1,948,198 $1,412,589
This development is nearing completion and the security 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 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 Inwood PUD 1st and 2nd 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 reduction for the Inwood PUD 1st and 2nd Additions as detailed in their
respective Security Reduction Worksheet.”
ATTACHMENTS:
1. Security Reduction Worksheet – Inwood PUD 1st and 2nd Additions.
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 $348,191
Surface Water Facilities $599,736 $749,670.00 $374,835 $187,418
Erosion Control NA NA included in Grading Agreement
Sidewalks/Trails $212,175 $265,218.75 $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 $535,609 $0 $0 $0 $0
CUMMULATIVE AMOUNTS:$2,080,674 $2,616,283
SECURITY AMOUNT REMAINING:$1,948,198 $1,412,589
DATE:3/21/2017 9/19/2017
REDUCTIONS