HomeMy WebLinkAbout#12 - Easton Village 1st Security Reduction STAFF REPORT
DATE: May 15, 2018
CONSENT
ITEM #: 12
AGENDA ITEM: Easton Village 1st Addition – Accept Improvements and Approve Reduction of
Security
SUBMITTED BY: Jack Griffin, City Engineer
REVIEWED BY: Kristina Handt, City Administrator
Emily Becker, Planning Director
Rob Weldon, Public Works Director
ISSUE BEFORE COUNCIL: Should the City Council accept the improvements and approve security
reductions for Easton Village 1st Addition?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the
improvements and to reduce the development security for Easton Village 1st Addition. This request has
been reviewed and the following reduction is being recommended:
Current Security Amount Proposed Security Amount
1. Easton Village 1st Addition: $ 1,248,878 $ 771,771
The Easton Village 1st Addition public improvements have been completed in accordance with the
development agreement dated August 6, 2015 with the exception of Landscaping, and Tree Preservation
and Restoration. The improvements are in the warranty period per the attached Certificate of Completion.
A security amount of 25% of the original security will be retained until the warranty period has expired.
Landscaping Improvements will be accepted separately and with different warranty dates.
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.
RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda,
accept the improvements and approve the security reductions for Easton Village 1st Addition as detailed in
the respective worksheet. If removed from the consent agenda, the recommended motion for the action is
as follows:
“Move to accept the improvements and approve security reduction for Easton Village 1st Addition as
detailed in the respective Security Reduction Worksheet”.
ATTACHMENTS:
1. Easton Village 1st Addition – Engineers Certificate of Acceptance.
2. Security Reduction Worksheets – Easton Village 1st Addition.
EASTON VILLAGE 1ST ADDITION Time of Performance: June 30, 2016
DEVELOPMENT AGREEMENT AMOUNTS
CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6
Grading $728,739 $910,924 100%$910,924
Sanitary Sewer $293,960 $367,450 75%$275,588
Watermain $303,289 $379,111 75%$284,333
Storm Sewer (w/pond structures) $585,943 $732,429 75%$366,214 $183,107
Streets $526,489 $658,111 75%$329,056 $164,528
Sidewalks/Trails $98,777 $123,471 75%$61,736 $30,868
Surface Water Facilities NA NA
Street Lighting NA NA
Street Signs and Traffic Control Signs $5,600 $7,000 75%$5,250
Private Utilities (electricity, natural gas, telephone, and cable)NA
Landscaping $110,781 $138,476 75%$69,238
Tree Preservation and Restoration $164,435 $205,544 75%$102,772
Wetland Mitigation and Buffers NA NA
Monuments $30,000 $37,500 75%$28,125
Erosion Control $68,678 $85,848 75%$64,386
Miscellaneous Facilities NA NA
Record Drawings $6,500 $8,125 75%$6,094
TOTALS $2,923,191 $3,653,989 RELEASED AMOUNTS:$559,921 $1,845,189 $477,107 $0 $0 $0
$685,766 CUMMULATIVE AMOUNTS:$559,921 $2,405,110 $2,882,218
SECURITY AMOUNT REMAINING:$3,094,068 $1,248,878 $771,771
DATE:8/2/2016 12/20/2016 5/15/2018
REDUCTIONS