HomeMy WebLinkAbout#10 - Northport Security Reduction STAFF REPORT
DATE: November 5, 2019
CONSENT
AGENDA ITEM: Approve Security Reduction for Northport 1st 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 Northport 1st
Addition as itemized below?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the
development security for the Northport 1st Addition. This request has been reviewed and the following
reduction is being recommended for approval:
Current Security Amount Proposed Security Amount
1. Northport 1st Addition: $1,542,955 $ 1,428,855
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 1st 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 1st Addition as detailed in the attached Security
Reduction Worksheet.”
ATTACHMENTS:
1. Security Reduction Worksheet – Northport 1st Addition.
NORTHPORT 1ST ADDITION Time of Performance: October 31, 2018
DEVELOPMENT AGREEMENT AMOUNTS
CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6
Grading NA $114,100 Included in Phase 1 $114,100
Sanitary Sewer $480,346 $600,433 $450,324
Watermain $362,155 $452,694 $339,520
Storm Sewer (w/pond structures) $591,406 $739,258 $369,629
Streets + Sidewalks + Turn Lanes $636,008 $795,010 $397,505
Bituminous Trails $34,876 $43,595
Surface Water Facilities $50,000 $62,500
Street Lighting $72,000 $90,000
Street Signs and Traffic Control Signs $2,600 $3,250
Private Utilities (electricity, natural gas, telephone, and cable)
Landscaping $192,025 $240,031
Tree Preservation and Restoration NA NA
Wetland Mitigation and Buffers NA NA
Monuments $4,860 $6,075
Erosion Control $23,670 $29,588
Miscellaneous Facilities NA NA
Record Drawings $30,000 $37,500
TOTALS $2,479,946 $3,099,934 RELEASED AMOUNTS:$1,556,978 $114,100 $0 $0 $0 $0
$746,458 CUMMULATIVE AMOUNTS:$1,556,978 $1,671,078
SECURITY AMOUNT REMAINING:$1,542,955 $1,428,855
DATE:1/15/2019 11/5/2019
REDUCTIONS