HomeMy WebLinkAbout#10 - Development Security Reduction for Southwind STAFF REPORT
DATE: September 18, 2018
CONSENT
ITEM #: 10
AGENDA ITEM: Private Development Projects – Approve Security Reductions for Southwind
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 Southwind
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. Southwind Addition: $1,266,091 $963,783
Work within each of these developments have progressed in accordance with the respective development
agreement and to the extent necessary to support a reduction in the security as detailed in this report.
FISCAL IMPACT: It is the City’s goal to retain at all times during the subdivision improvements a
security amount that is adequate to ensure completion of all elements of the improvements as protection to
the City tax payers against the potential of developer default. With this reduction, the remaining security
amount held by the City remains sufficient to complete the remaining improvements.
RECOMMENDATION: Staff is recommending that the City Council approve, as part of the Consent
Agenda, the security reductions for the Southwind Addition as detailed in this report and supporting
documentation. If removed from the consent agenda, the recommended motion for the action is as follows:
“Move to approve security reductions for the Southwind Addition as detailed in the attached Security
Reduction Worksheet.”
ATTACHMENTS:
1. Security Reduction Worksheet – Southwind Addition.
SOUTHWIND OF LAKE ELMO Time of Performance: October 31, 2018
DEVELOPMENT AGREEMENT AMOUNTS
CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6
Grading 187,554$ $234,442 $234,442
Sanitary Sewer 117,757$ $147,196 75%$110,397
Watermain 126,676$ $158,345 75%$118,759
Storm Sewer (w/pond structures)217,173$ $271,466 75%$135,733 $67,867
Streets + Sidewalks 545,215$ $681,518 50%$340,759
Bituminous Trails 32,525$ $40,656
Surface Water Facilities 35,185$ $43,981
Street Lighting 48,000$ $60,000
Street Signs and Traffic Control Signs 7,400$ $9,250
Private Utilities (electricity, natural gas, telephone, and cable)
Landscaping $225,042 $281,303
Tree Preservation and Restoration NA NA
Wetland Mitigation and Buffers NA NA
Monuments 4,600$ $5,750
Erosion Control 25,265$ $31,582
5TH Street North ‐$ $0
Record Drawings 5,000$ $6,250
TOTALS $1,577,391 $1,971,740 RELEASED AMOUNTS:$705,649 $302,309 $0 $0 $0 $0
$492,935.02 CUMMULATIVE AMOUNTS:$705,649 $1,007,957
SECURITY AMOUNT REMAINING:$1,266,091 $963,783
DATE:1/16/2018 9/18/2018
REDUCTIONS