HomeMy WebLinkAbout#05 - Private Development Security Reduction - Inwood STAFF REPORT
DATE: March 6, 2018
CONSENT
ITEM #: 5
AGENDA ITEM: Private Development Projects – Approve Security Reductions for Inwood
PUD 5th 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 Inwood PUD 5th
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. Inwood PUD 5th Addition: $2,964,127 $1,895,983
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 Inwood PUD 5th 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 Inwood PUD 5th Addition as detailed in the attached
Security Reduction Worksheets.”
ATTACHMENTS:
1. Security Reduction Worksheet – Inwood PUD 5th Addition.
INWOOD 5TH ADDITION October 31, 2018
DEVELOPMENT AGREEMENT AMOUNTS
CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6
Grading NA NA Included in Overall Grading Agreement
Sanitary Sewer $356,976 $446,220 $223,110
Watermain $488,479 $610,599 $305,299
Storm Sewer $189,979 $237,474 $118,737
Streets and Sidewalks $673,595 $841,994 $420,997
Trails $10,000 $12,500
Surface Water Facilities $96,890 $121,113 included in Grading Agreement
Street Lighting $66,000 $82,500 By Xcel Energy
Street Signs and Traffic Control Signs $8,850 $11,063
Private Utilities (electricity, natural gas, telephone, and cable)
Landscaping $180,000 $225,000
Tree Preservation and Restoration NA NA
Wetland Mitigation and Buffers $2,250 $2,813
Monuments $10,100 $12,625
Erosion Control NA NA included in Grading Agreement
Turn Lanes $283,182 $353,978
Record Drawings $5,000 $6,250
TOTALS $2,371,301 $2,964,127 RELEASED AMOUNTS:$1,068,143 $0 $0 $0 $0 $0
CUMMULATIVE AMOUNTS:$1,068,143
SECURITY AMOUNT REMAINING:$1,895,983
DATE:3/6/2018
Time of Performance:
REDUCTIONS