HomeMy WebLinkAbout#06 - Northport 2nd Security Reduction STAFF REPORT
DATE: October 1, 2019
CONSENT
ITEM #:
AGENDA ITEM: Approve Security Reduction for Northport 2nd Addition
SUBMITTED BY: Chad Isakson, Assistant City Engineer
REVIEWED BY: Kristina Handt, City Administrator
Ken Roberts, Planning Director
Jack Griffin, City Engineer
ISSUE BEFORE COUNCIL: Should the City Council approve a security reduction for the Northport
2nd Addition as itemized below?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the
development security for the Northport 2nd Addition. This request has been reviewed and the following
reduction is being recommended for approval:
Current Security Amount Proposed Security Amount
1. Northport 2nd Addition: $731,267 $ 436,764
Work within the development has progressed in accordance with the 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 reduction for Northport 2nd 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 reduction for Northport 2nd Addition as detailed in the attached Security
Reduction Worksheets.”
ATTACHMENTS:
1. Security Reduction Worksheet – Northport 2nd Addition.
NORTHPORT 2ND ADDITION Time of Performance: October 31, 2018
DEVELOPMENT AGREEMENT AMOUNTS
CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6
Grading NA NA Included in Phase 1
Sanitary Sewer $73,001 $91,251 $68,438
Watermain $60,130 $75,163 $56,372
Storm Sewer (w/pond structures) $234,091 $292,614 $146,307
Streets + Sidewalks $237,114 $296,393 $148,196
Bituminous Trails $7,500 $9,375
Surface Water Facilities NA NA
Street Lighting $12,000 $15,000
Street Signs and Traffic Control Signs $625 $781
Private Utilities (electricity, natural gas, telephone, and cable)
Landscaping $52,500 $65,625
Tree Preservation and Restoration NA NA
Wetland Mitigation and Buffers NA NA
Monuments $2,900 $3,625
Erosion Control NA NA
Miscellaneous Facilities NA NA
Record Drawings $5,000 $6,250
TOTALS $684,861 $856,077 RELEASED AMOUNTS:$124,810 $294,503 $0 $0 $0 $0
CUMMULATIVE AMOUNTS:$124,810 $419,313
SECURITY AMOUNT REMAINING:$731,267 $436,764
DATE:1/15/2019 10/1/2019
REDUCTIONS