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Home My WebLink About#10 - Village Preserve 1st & 2nd Addn Security Reduction STAFF REPORT DATE: November 20, 2018 CONSENT ITEM #: 10 AGENDA ITEM: Approve Development Security Reductions for Village Preserve 1st & Village Preserve 2nd Additions SUBMITTED BY: Ben Prchal, City Planner REVIEWED BY: Kristina Handt, City Administrator Ken Roberts, Planning Director Jack Griffin, City Engineer ISSUE BEFORE COUNCIL: Should the City Council approve development security reductions for the Village Preserve 1st and 2nd Additions? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed 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: The landscaping improvements have been fully completed including all punch list items and the two-year warranty period has been initiated. Therefore, the landscaping development security may be reduced by 75% with the remaining 25% held through the warranty period. Current Security Amount Proposed Security Amount 1. Village Preserve 1st Addition $ 441,789 $ 342,927 2. Village Preserve 2nd Addition $ 210,007 $ 184,933 (Please see the attached for a more detailed breakout) 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 Village Preserve 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 reductions for the Village Preserve 1st and Village Preserve 2nd Additions as detailed in the attached Security Reduction Worksheet.” ATTACHMENTS: 1. Security Reduction Worksheet – Village Preserve 1st Addition. 2. Security Reduction Worksheet – Village Preserve 2nd Addition. VILLAGE PRESERVE 1ST ADDITION Time of Performance: October 31, 2016 DEVELOPMENT AGREEMENT AMOUNTS CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6 Grading $79,860 NA Shared Wildflower Improvements $255,801 $319,751.25 Grading $456,502 $570,627.50 $570,628 100% Sanitary Sewer $227,849 $284,811.25 $213,608 75%$71,203 25% Watermain $224,251 $280,313.75 $210,235 75%$70,078 25% Streets (includes sidewalks/trails) $727,995 $909,993.75 $163,799 18%$518,696 75% Surface Water Facilities $225,248 $281,560.00 $140,780 50%$70,390 75% Erosion Control $27,970 $34,962.50 $26,222 Sidewalks/Trails NA NA Included in Streets Street Lighting NA NA By Xcel Energy Street Signs and Traffic Control Signs $3,600 $4,500.00 $3,375 Landscaping $105,453 $131,816.25 $98,862 Tree Preservation and Restoration NA NA included in Erosion Control Wetland Mitigation and Buffers NA NA LOC Through VBWD Monuments $4,600 $5,750.00 $4,313 Miscellaneous Facilities NA NA None Record Drawings + PL $2,500 $3,125.00 $2,344 TOTALS $2,005,968 $2,507,460.00 RELEASED AMOUNTS:$728,423 $589,086 $570,628 $36,253 $141,281 $98,862 $484,208 CUMMULATIVE AMOUNTS:$728,423 $1,317,509 $1,888,137 $1,924,390 $2,065,671 $2,164,533 SECURITY AMOUNT REMAINING:$1,779,037 $1,189,951 $619,323 $583,070 $441,789 $342,927 DATE:3/15/2016 8/2/2016 9/6/2016 12/19/2017 6/5/2018 11/20/2018 REDUCTIONS Site Grading Agrmt: Assumed Replaced Never Received: Provided by Wildflower 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 $13,022 Streets $219,972 $274,965 $137,483 $68,741 Sidewalks/Trails $58,525 $73,156 $54,867 Surface Water Facilities NA NA Street Lighting $36,000 $45,000 $33,750 Street Signs and Traffic Control Signs $2,540 $3,175 $2,381 Private Utilities (electricity, natural gas, telephone, and cable) Landscaping $26,745 $33,431 $25,073 Tree Preservation and Restoration NA NA Wetland Mitigation and Buffers NA NA Monuments $4,500 $5,625 $4,219 Erosion Control $18,525 $23,156 $17,367 Miscellaneous Facilities NA NA Record Drawings $2,500 $3,125 $2,344 TOTALS $652,569 $815,712 RELEASED AMOUNTS:$333,032 $75,983 $81,763 $114,928 $25,073 $184,932 CUMMULATIVE AMOUNTS:$333,032 $409,014 $490,778 $605,706 $630,779 SECURITY AMOUNT REMAINING:$482,681 $406,698 $324,935 $210,007 $184,933 DATE: 2/21/2017 5/16/2017 10/17/2017 12/19/2017 11/20/2018 REDUCTIONS