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Home My WebLink About#06 Private Development Security Reduction STAFF REPORT DATE: September 5, 2017 CONSENT AGENDA ITEM: Private Development Projects – Approve Security Reductions for the Boulder Ponds 2nd Addition; Boulder Ponds 5th Street North Improvements; Hammes Estates 1st Addition; and Inwood 4th Addition 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 the Boulder Ponds 2nd Addition; Boulder Ponds 5th Street North Improvements; Hammes Estates 1st Addition; and Inwood 4th Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the development security for various development projects. These requests have been reviewed and the following reductions are being recommended as follows: Current Security Amount Proposed Security Amount 1. Boulder Ponds 2nd Addition: $ 533,844 $ 286,648 2. Boulder Ponds 5th Street Imp.: $ 745,004 $ 384,066 3. Hammes Estates 1st Addition: $3,169,912 $1,636,912 4. Inwood 4th Addition: $ 905,116 $ 288,267 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 Worksheets. 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 2nd Addition; Boulder Ponds 5th Street North Improvements; Hammes Estates 1st Addition; and Inwood 4th 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 2nd Addition; Boulder Ponds 5th Street North Improvements; Hammes Estates 1st Addition; and Inwood 4th Addition as detailed in their respective Security Reduction Worksheet.” ATTACHMENTS: 1. Security Reduction Worksheet – Boulder Ponds 2nd Addition. 2. Security Reduction Worksheet – Boulder Ponds 5th Street North. 3. Security Reduction Worksheet – Hammes Estates 1st Addition. 4. Security Reduction Worksheet – Inwood 4th Addition. BOULDER PONDS 2ND ADDITION Time of Performance: October 31, 2016 DEVELOPMENT AGREEMENT AMOUNTS CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6 Grading NA NA Included in Boulder Ponds 1st Addition Sanitary Sewer $73,000 $91,250 $68,438 Watermain $67,000 $83,750 $62,813 Storm Sewer (w/pond structures) $39,500 $49,375 $37,031 Streets $84,175 $105,219 $78,914 Sidewalks/Trails $19,850 $24,813 Surface Water Facilities $13,000 $16,250 Street Lighting $12,000 $15,000 Street Signs and Traffic Control Signs $1,600 $2,000 Private Utilities (electricity, natural gas, telephone, and cable) Landscaping $75,000 $93,750 Tree Preservation and Restoration NA NA Wetland Mitigation and Buffers $1,000 $1,250 Monuments $1,800 $2,250 Erosion Control $36,650 $45,813 Miscellaneous Facilities NA NA Record Drawings $2,500 $3,125 TOTALS $427,075 $533,844 RELEASED AMOUNTS:$247,195 $0 $0 $0 $0 $0 CUMMULATIVE AMOUNTS:$247,195 SECURITY AMOUNT REMAINING:$286,648 DATE:9/5/2017 REDUCTIONS 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 $91,219 Streets $287,700 $359,625 $269,719 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 $360,938 $0 $0 $0 $0 CUMMULATIVE AMOUNTS:$103,688 $464,625 SECURITY AMOUNT REMAINING:$745,004 $384,066 DATE:2/21/2017 9/5/2017 REDUCTIONS HAMMES 1ST ADDITION Time of Performance: October 31, 2017 DEVELOPMENT AGREEMENT AMOUNTS CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6 Grading $156,000 $195,000 Sanitary Sewer $413,076 $516,345 $387,259 Watermain $298,624 $373,280 $279,960 Storm Sewer (w/pond structures) $492,748 $615,935 $461,951 Streets $430,598 $538,247 $403,685 Sidewalks/Trails $111,360 $139,200 Surface Water Facilities NA NA Street Lighting $54,000 $67,500 Street Signs and Traffic Control Signs $6,300 $7,875 Private Utilities (electricity, natural gas, telephone, and cable) Landscaping $244,922 $306,153 Tree Preservation and Restoration NA NA Wetland Mitigation and Buffers $50,000 $62,500 Monuments $5,700 $7,125 Erosion Control $195,986 $244,982 Boardwalk $66,500 $83,125 Record Drawings $10,000 $12,500 TOTALS $2,535,813 $3,169,767 RELEASED AMOUNTS:$1,532,855 $0 $0 $0 $0 $0 CUMMULATIVE AMOUNTS:$1,532,855 SECURITY AMOUNT REMAINING:$1,636,912 DATE:9/5/2017 REDUCTIONS INWOOD 4TH ADDITION October 31, 2017 DEVELOPMENT AGREEMENT AMOUNTS CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6 Grading NA NA Included in Overall Grading Agreement Sanitary Sewer $86,227 $107,783.50 $80,838 Watermain $173,821 $217,276.25 $162,957 Storm Sewer $112,613 $140,766.25 $105,575 Streets and Sidewalks $285,312 $356,640.00 $267,480 Trails NA NA Surface Water Facilities NA NA included in Grading Agreement Street Lighting $24,000 $30,000.00 By Xcel Energy Street Signs and Traffic Control Signs $1,320 $1,650.00 Private Utilities (electricity, natural gas, telephone, and cable) Landscaping $32,000 $40,000.00 Tree Preservation and Restoration NA NA included in Grading Agreement Wetland Mitigation and Buffers NA NA LOC Through VBWD Monuments $3,800 $4,750.00 Erosion Control NA NA included in Grading Agreement Miscellaneous Facilities NA NA None Record Drawings $5,000 $6,250.00 TOTALS $724,093 $905,116.00 RELEASED AMOUNTS:$616,850 $0 $0 $0 $0 $0 CUMMULATIVE AMOUNTS:$616,850 SECURITY AMOUNT REMAINING:$288,267 DATE:9/5/2017 REDUCTIONS Time of Performance: