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Home My WebLink About#07 - Boulder Ponds Security Reductions STAFF REPORT DATE: July 17, 2018 CONSENT ITEM #: 7 AGENDA ITEM: Private Development Projects – Approve Security Reductions for Boulder Ponds 1st Addition and Boulder Ponds 5th Street Improvements 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 Boulder Ponds 1st Addition and Boulder Ponds 5th Street Improvements? 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. Boulder Ponds 1st Addition: $945,215 $ 60,719 2. Boulder Ponds 5th Street: $384,066 $213,173 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 this report. In addition, the City is holding $3,125 until 5 additional trees are planted following construction of the home on each property, and $1,000 for some minor plantings needed along the 5th Street median. 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 Boulder Ponds 1st Addition and Boulder Ponds 5th Street Improvements 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 Boulder Ponds 1st Addition and Boulder Ponds 5th Street Improvements as detailed in the attached Security Reduction Worksheets.” ATTACHMENTS: 1. Security Reduction Worksheet – Boulder Ponds 1st Addition. 2. Security Reduction Worksheet – Boulder Ponds 5th Street Improvements. BOULDER PONDS 1ST ADDITION Time of Performance: October 31, 2016 DEVELOPMENT AGREEMENT AMOUNTS CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6 Grading $116,600 $116,600 100%$116,600 Grading $68,194 $85,243 100%$42,621 $42,621 Sanitary Sewer $405,451 $506,813 75%$380,110 Watermain $349,674 $437,092 75%$327,819 Streets $1,084,327 $1,355,409 75%$677,704 $338,852 Surface Water Facilities $721,027 $901,284 75%$450,642 $225,321 Erosion Control $48,406 $60,508 75%$45,381 Sidewalks/Trails Included in Streets Included in Streets Street Lighting NA NA By Xcel Energy Street Signs and Traffic Control Signs Included in Streets Included in Streets Landscaping $204,302 $255,378 50%$127,689 $60,719 $3,125 Tree Preservation and Restoration NA NA Wetland Mitigation and Buffers NA NA LOC Through VBWD Monuments $4,700 $5,875 75%$4,406 Miscellaneous Facilities NA NA Record Drawings $2,500 $3,125 75%$2,344 TOTALS $2,888,581 $3,727,326 RELEASED AMOUNTS:$1,995,497 $606,794 $179,819 $60,719 $881,371 CUMMULATIVE AMOUNTS:$1,995,497 $2,602,291 $2,782,111 $2,842,830 SECURITY AMOUNT REMAINING:$1,731,829 $1,125,035 $945,215 $884,496 DATE:12/15/2015 8/2/2016 12/20/2016 7/17/2018 REDUCTIONS Holding for 5 trees to be planted with Lots BOULDER PONDS 5TH STREET NORTH Time of Performance: October 31, 2017 DEVELOPMENT AGREEMENT AMOUNTS CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6 Grading NA NA Included in Boulder Ponds 1st Addition Sanitary Sewer $46,600 $58,250 $43,688 Watermain $64,000 $80,000 $60,000 Storm Sewer (w/pond structures) $97,300 $121,625 $91,219 Streets $287,700 $359,625 $269,719 Sidewalks/Trails $71,000 $88,750 $66,563 Surface Water Facilities NA NA Street Lighting NA NA Street Signs and Traffic Control Signs $11,600 $14,500 $10,875 Private Utilities (electricity, natural gas, telephone, and cable)NA Landscaping $100,753 $125,941 $93,456 $1,000 Tree Preservation and Restoration NA NA Wetland Mitigation and Buffers NA NA Monuments NA NA Erosion Control NA NA Miscellaneous Facilities NA NA Record Drawings NA NA TOTALS $678,953 $848,691 RELEASED AMOUNTS:$103,688 $360,938 $170,893 $212,173 CUMMULATIVE AMOUNTS:$103,688 $464,625 $635,518 SECURITY AMOUNT REMAINING:$745,004 $384,066 $213,173 DATE:2/21/2017 9/5/2017 7/17/2018 REDUCTIONS Holding for 5th Street median plantings