The URL can be used to link to this page

Home My WebLink About#10 - Private Development Security Reductions STAFF REPORT DATE: February 7, 2018 CONSENT ITEM #: 10 AGENDA ITEM: Private Development Projects – Approve Security Reductions for Easton Village 2nd Addition and Easton Village 3rd 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 Easton Village 2nd Addition and Easton Village 3rd Addition? 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: Current Security Amount Proposed Security Amount 1. Easton Village 2nd Addition: $ 702,776 $371,223 2. Easton Village 3rd Addition: $1,104,400 $627,894 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 Easton Village 2nd Addition and Easton Village 3rd 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 Easton Village 2nd Addition and Easton Village 3rd Addition as detailed in the attached Security Reduction Worksheets.” ATTACHMENTS: 1. Security Reduction Worksheet – Easton Village 2dn Addition. 2. Security Reduction Worksheet – Easton Village 3rd Addition. EASTON VILLAGE 2ND ADDITION October 31, 2017 DEVELOPMENT AGREEMENT AMOUNTS CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6 Grading $238,969 $298,711.25 $298,711 Grading $38,286 $47,858 $47,858 Sanitary Sewer $54,276 $67,845 $50,884 Watermain $60,848 $76,059 $57,045 Storm Sewer $54,920 $68,650 $34,325 Streets and Sidewalks $226,308 $282,885 $141,443 Trails $12,570 $15,713 Surface Water Facilities $0 $0 included in Grading Agreement Street Lighting $48,000 $60,000 By Xcel Energy Street Signs and Traffic Control Signs $700 $875 Private Utilities (electricity, natural gas, telephone, and cable) Landscaping $46,008 $57,510 Tree Preservation and Restoration NA NA included in Grading Agreement Wetland Mitigation and Buffers NA NA LOC Through VBWD Monuments $1,900 $2,375 Erosion Control $15,406 $19,257 included in Grading Agreement Misc. $0 $0 None Record Drawings $3,000 $3,750 TOTALS $562,221 $702,776 RELEASED AMOUNTS:$0 $331,553 $0 $0 $0 $0 CUMMULATIVE AMOUNTS:$0 $331,553 SECURITY AMOUNT REMAINING:$702,776 $371,223 DATE:10/17/2017 2/7/2018 Time of Performance: REDUCTIONS EASTON VILLAGE 3RD ADDITION October 31, 2017 DEVELOPMENT AGREEMENT AMOUNTS CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6 Grading $196,245 $245,306 $245,306 Sanitary Sewer $118,179 $147,724 $110,793 Watermain $128,435 $160,544 $120,408 Storm Sewer $118,267 $147,834 Streets and Sidewalks $157,590 $196,988 Trails $14,600 $18,250 Surface Water Facilities $0 $0 included in Grading Agreement Street Lighting $12,000 $15,000 By Xcel Energy Street Signs and Traffic Control Signs $1,850 $2,313 Private Utilities (electricity, natural gas, telephone, and cable) Landscaping $98,573 $123,216 Tree Preservation and Restoration NA NA included in Grading Agreement Wetland Mitigation and Buffers NA NA LOC Through VBWD Monuments $2,800 $3,500 Erosion Control $29,982 $37,477 included in Grading Agreement Misc. $0 $0 None Record Drawings $5,000 $6,250 TOTALS $883,520 $1,104,400 RELEASED AMOUNTS:$476,507 $0 $0 $0 $0 $0 CUMMULATIVE AMOUNTS:$476,507 SECURITY AMOUNT REMAINING:$627,894 DATE:2/7/2018 Time of Performance: REDUCTIONS