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Home My WebLink About#14 - Savona 1st, 2nd & 3rd Addition Security Reductions STAFF REPORT DATE: December 17, 2019 CONSENT AGENDA ITEM: Approve Security Reduction for Savona 1st, 2nd and 3rd Additions. 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 the security reductions as recommended by staff for the Savona 1st, 2nd and 3rd Additions? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed requests to reduce the development security for landscaping improvements for the Savona 1st, 2nd and 3rd Additions. This request has been reviewed and the following reductions are being recommended: Current Security Amount Proposed Security Amount 1. Savona 1st Addition $574,612 $483,453 2. Savona 2nd Addition $549,773 $405,947 3. Savona 3rd Addition $898,958 $809,691 The landscaping improvements for the Savona 1st, 2nd and 3rd Additions have been inspected by the City Landscape Architect. Based on this inspection the Planning Director is recommending a reduction in the development security for the landscaping improvements resulting in the reductions detailed above. 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. RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, approve the security reductions for the Savona 1st, 2nd and 3rd Additions as detailed in the attached worksheets. If removed from the consent agenda, the recommended motion for the action is as follows: “Move to approve the security reductions for the Savona 1st, 2nd and 3rd Additions as detailed in the attached Security Reduction Worksheets”. ATTACHMENTS: 1. Security Reduction Worksheet – Savona 1st Addition. 2. Security Reduction Worksheet – Savona 2nd Addition. 3. Security Reduction Worksheet – Savona 3rd Addition. SAVONA 1ST ADDITION Time of Performance: October 31, 2015 DEVELOPMENT AGREEMENT AMOUNTS CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6 Grading $650,000 $812,500 100%$812,500 Sanitary Sewer $138,099 $172,624 100%$86,312 $43,156 $43,156 Warranty end 12/20/2018 Watermain $155,927 $194,909 100%$97,454 $48,727 $48,727 Warranty end 12/20/2018 Streets $763,387 $954,234 75%$477,117 $238,558 Surface Water Facilities $493,703 $617,129 75%$308,564 $154,282 In warranty Erosion Control $52,533 $65,666 75%$32,833 $16,417 09/03/2019‐09/03/2020 Sidewalks/Trails $119,642 $149,553 75%$112,164 Street Lighting NA NA By Xcel Energy Street Signs and Traffic Control Signs $11,600 $14,500 75%$7,250 $3,625 Landscaping $97,236 $121,545 75%$91,159 Tree Preservation and Restoration NA NA Wetland Mitigation and Buffers NA NA LOC Through VBWD Monuments $6,450 $8,063 75%$6,047 Miscellaneous Facilities NA NA Record Drawings $2,500 $3,125 75%$2,344 TOTALS $2,491,077 $3,113,846 RELEASED AMOUNTS:$969,448 $1,295,189 $182,714 $91,883 $91,159 $0 CUMMULATIVE AMOUNTS:$969,448 $2,264,637 $2,447,351 $2,539,234 $2,630,393 SECURITY AMOUNT REMAINING:$2,144,399 $849,210 $666,495 $574,612 $483,453 DATE: 3/2/2016 12/20/2016 2/5/2019 9/3/2019 12/3/2019 REDUCTIONS SAVONA 2ND ADDITION Time of Performance: October 31, 2015 DEVELOPMENT AGREEMENT AMOUNTS CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6 Grading NA NA NA Sanitary Sewer $314,594 $393,243 100%$196,621 $98,311 $98,311 Warranty end 12/20/2018 Watermain $485,172 $606,464 100%$303,232 $151,616 $151,616 Warranty end 12/20/2018 Streets $614,836 $768,545 75%$384,272 $192,136 Surface Water Facilities $471,332 $589,165 75%$294,583 $147,291 In warranty Erosion Control $51,146 $63,933 75%$31,966 $15,983 09/03/2019‐09/03/2020 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 $153,415 $191,769 75%$143,827 Tree Preservation and Restoration NA NA Wetland Mitigation and Buffers NA NA LOC Through VBWD Monuments $5,800 $7,250 75%$5,438 Miscellaneous Facilities NA NA Record Drawings $2,500 $3,125 75%$2,344 TOTALS $2,098,795 $2,623,494 RELEASED AMOUNTS:$1,178,709 $474,029 $420,982 $143,827 CUMMULATIVE AMOUNTS:$1,178,709 $1,652,738 $2,073,720 $2,217,547 SECURITY AMOUNT REMAINING:$1,444,785 $970,756 $549,773 $405,947 DATE: 3/2/2016 12/20/2016 9/3/2019 12/3/2019 REDUCTIONS SAVONA 3RD ADDITION Time of Performance: October 31, 2016 DEVELOPMENT AGREEMENT AMOUNTS CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6 Grading (Separate Grading Agreement) $127,000 $127,000 Sanitary Sewer $345,301 $431,626 75%$215,813 $107,907 In warranty Watermain $503,113 $628,891 75%$314,446 $157,223 01/16/2018‐01/16/2020 Streets $1,168,007 $1,460,009 75%$730,004 $365,002 Surface Water Facilities $333,140 $416,425 50%$208,213 $104,106 In warranty Erosion Control $133,732 $167,165 75%$125,374 09/03/2019‐09/03/2020 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 $95,218 $119,023 75%$89,267 Tree Preservation and Restoration NA NA Wetland Mitigation and Buffers NA NA LOC Through VBWD Monuments $6,000 $7,500 75%$5,625 Miscellaneous Facilities NA NA Record Drawings $6,500 $8,125 75%$6,094 TOTALS $2,591,011 $3,365,764 RELEASED AMOUNTS:$1,468,476 $392,129 $502,095 $104,106 $89,267 $0 CUMMULATIVE AMOUNTS:$1,468,476 $1,860,605 $2,362,700 $2,466,806 $2,556,073 SECURITY AMOUNT REMAINING:$1,897,288 $1,505,159 $1,003,064 $898,958 $809,691 DATE: 12/20/2016 1/16/2018 2/5/2019 9/3/2019 12/3/2019 REDUCTIONS