HomeMy WebLinkAbout#10 - Wildflower 3rd Addn Security Reduction STAFF REPORT
DATE: November 19, 2019
CONSENT
AGENDA ITEM: Approve Security Reduction for Wildflower 3rd Addition
SUBMITTED BY: Jack Griffin, City Engineer
REVIEWED BY: Kristina Handt, City Administrator
Ken Roberts, Planning Director
Marty Powers, Public Works Director
Chad Isakson, Assistant City Engineer
ISSUE BEFORE COUNCIL: Should the City Council approve a security reduction for the Wildflower
3rd Addition as itemized below?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the
development security for the Wildflower 3rd Addition. This request has been reviewed and the following
reduction is being recommended for approval:
Current Security Amount Proposed Security Amount
1. Wildflower 3rd Addition: $1,475,458 $ 705,998
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 Wildflower 3rd 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 Wildflower 3rd Addition as detailed in the attached Security
Reduction Worksheet.”
ATTACHMENTS:
1. Security Reduction Worksheet – Wildflower 3rd Addition.
WILDFLOWER AT LAKE ELMO 3RD ADDITION Time of Performance: October 31, 2018
DEVELOPMENT AGREEMENT AMOUNTS
CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6
Sanitary Sewer $104,206 $130,258 75%$97,693
Watermain $149,310 $186,638 75%$139,978
Streets & Sidewalks $641,144 $801,430 50%$400,715
Storm Sewer $209,718 $262,148 50%$131,074
Erosion Control $17,100 $21,375
Trails NA NA
Street Lighting $30,000 $37,500 By Xcel Energy
Street Signs and Traffic Control Signs $6,388 $7,985
Landscaping $10,000 $12,500
Tree Preservation and Restoration NA NA
Wetland Mitigation and Buffers NA NA
Monuments $2,500 $3,125
Private Utilities NA NA
Record Drawings $10,000 $12,500
TOTALS $1,180,366 $1,475,458 RELEASED AMOUNTS:$769,460 $0 $0 $0 $0
CUMMULATIVE AMOUNTS:$769,460
SECURITY AMOUNT REMAINING:$705,998
DATE:11/19/2019
REDUCTIONS