HomeMy WebLinkAbout#10 - Security Reductions STAFF REPORT
DATE: January 16, 2018
CONSENT
ITEM #: 10
AGENDA ITEM: Private Development Projects – Approve Security Reductions for Savona
3rd Addition, Savona 4th Addition, Southwind, and Royal Golf Club 1st
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 security reductions for the Savona 3rd Addition, Savona 4th Addition, Southwind, and Royal Golf Club 1st Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed several requests to reduce the development security in accordance with the various development projects. These requests have been reviewed and the following reductions are being recommended for approval:
Current Security Amount Proposed Security Amount 1. Savona 3rd Addition: $1,897,288 $1,505,159
2. Savona 4th Addition: $4,080,974 $2,202,573 3. Southwind: $1,971,740 $1,266,091 4. Royal Golf Club 1st Addition: $3,570,388 $2,074,392 Work within each of these developments have progressed in accordance with the respective development agreement and to the extent necessary to support a reduction in the security 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 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 reductions for the Savona 3rd Addition, Savona 4th Addition, Southwind, and Royal Golf Club 1st 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 Savona 3rd Addition, Savona 4th Addition, Southwind, and Royal Golf Club 1st Addition as detailed in the attached Security Reduction Worksheets.”
ATTACHMENTS: 1. Security Reduction Worksheet – Savona 3rd Addition. 2. Security Reduction Worksheet – Savona 4th Addition.
3. Security Reduction Worksheet – Southwind. 4. Security Reduction Worksheet – Royal Golf Club 1st Addition.
SAVONA 3RD ADDITION Time of Performance: October 31, 2016DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading (Separate Grading Agreement) $127,000 $127,000Sanitary Sewer $345,301 $431,62650%$215,813 $107,907Watermain $503,113 $628,89150%$314,446 $157,223Streets $1,168,007 $1,460,00950%$730,004Surface Water Facilities $333,140 $416,42550%$208,213Erosion Control $133,732 $167,1650%Sidewalks/Trails Included in Streets Included in StreetsStreet Lighting NA NABy Xcel EnergyStreet Signs and Traffic Control Signs Included in Streets Included in StreetsLandscaping $95,218 $119,0230%Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NALOC Through VBWDMonuments $6,000 $7,5000%Miscellaneous Facilities NA NARecord Drawings $6,500 $8,1250%TOTALS $2,591,011 $3,365,764RELEASED AMOUNTS:$1,468,476 $392,129 $0 $0 $0 $0$1,619,382CUMMULATIVE AMOUNTS:$1,468,476 $1,860,605SECURITY AMOUNT REMAINING:$1,897,288 $1,505,159DATE: 12/20/2016 1/16/2018REDUCTIONS
SAVONA 4TH ADDITION Time of Performance: September 30, 2017DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading NA NA NASanitary Sewer $379,407 $474,25975%$355,694Watermain $460,445 $575,55675%$431,667Storm Sewer (w/pond structures) $449,062 $561,32850%$280,664Streets $1,296,601 $1,620,75150%$810,375Sidewalks/Trails $281,412 $351,765Surface Water Facilities NA NAincluded in Grading AgreementStreet Lighting $84,000 $105,0000%Street Signs and Traffic Control Signs $4,650 $5,813Private Utilities (electricity, natural gas, telephone, and cable)Landscaping $213,893 $267,3660%Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NALOC Through VBWDMonuments $7,800 $9,7500%Erosion Control $81,009 $101,2620%Record Drawings $6,500 $8,1250%TOTALS $3,264,779 $4,080,974RELEASED AMOUNTS:$1,878,401 $0$0 $0 $0$1,020,244CUMMULATIVE AMOUNTS:$1,878,401SECURITY AMOUNT REMAINING:$2,202,573DATE:1/16/2018REDUCTIONS
SOUTHWIND OF LAKE ELMO Time of Performance: October 31, 2018DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading187,554$ $234,442Sanitary Sewer117,757$ $147,19675%$110,397Watermain126,676$ $158,34575%$118,759Storm Sewer (w/pond structures)217,173$ $271,46650%$135,733Streets + Sidewalks545,215$ $681,51850%$340,759Bituminous Trails32,525$ $40,656Surface Water Facilities35,185$ $43,981Street Lighting48,000$ $60,000Street Signs and Traffic Control Signs7,400$ $9,250Private Utilities (electricity, natural gas, telephone, and cable)Landscaping $225,042 $281,303Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments4,600$ $5,750Erosion Control25,265$ $31,5825TH Street North‐$ $0Record Drawings5,000$ $6,250TOTALS $1,577,391 $1,971,740RELEASED AMOUNTS:$705,649 $0 $0 $0 $0 $0CUMMULATIVE AMOUNTS:$705,649SECURITY AMOUNT REMAINING:$1,266,091DATE:1/16/2018REDUCTIONS
ROYAL GOLF CLUB 1ST ADDITION October 31, 2018DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading NA NAIncluded in Overall Grading AgreementSanitary Sewer $723,897 $904,87150%$452,436Watermain $368,489 $460,61150%$230,306Storm Sewer $429,087 $536,35950%$268,179Streets and Sidewalks $872,121 $1,090,15150%$545,076Trails $76,050 $95,063Surface Water Facilities NA NAincluded in Grading AgreementStreet Lighting $36,000 $45,000By Xcel EnergyStreet Signs and Traffic Control Signs $11,404 $14,254Landscaping $249,083 $311,354Tree Preservation and Restoration NA NAincluded in Grading AgreementWetland Mitigation and Buffers NA NAincluded in Grading AgreementMonuments $7,300 $9,125Erosion Control $71,880 $89,850Turn Lanes NA NAincluded in Streets & SidewalksRecord Drawings $11,000 $13,750TOTALS $2,856,310 $3,570,388RELEASED AMOUNTS:$1,495,996 $0 $0 $0 $0 $0CUMMULATIVE AMOUNTS:$1,495,996SECURITY AMOUNT REMAINING:$2,074,392DATE: 1/16/2018Time of Performance: REDUCTIONS