HomeMy WebLinkAbout#20 - Inwood 3rd Security Reduction STAFF REPORT
DATE: December 17, 2019
CONSENT
ITEM #:
AGENDA ITEM: Accept Improvements and Approve Security Reduction for Inwood 3rd
Addition.
SUBMITTED BY: Jack Griffin, City Engineer
REVIEWED BY: Kristina Handt, City Administrator
Ken Roberts, Planning Director
Marty Powers, Public Works Director
ISSUE BEFORE COUNCIL: Should the City Council accept the improvements and a approve security
reduction for Inwood 3rd Addition?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the
improvements and to reduce the development security for Inwood 3rd Addition. This request has been
reviewed and the following reduction is being recommended:
Current Security Amount Proposed Security Amount
1. Inwood 3rd Addition $ 845,558 $ 471,498
Inwood 3rd Addition street and drainage improvements are now in the warranty period per the attached
Certificate of Completion. Twenty-five percent (25%) of the original security amount will be retained until
the warranty period has expired in December 2020 for street and drainage improvements.
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,
accept the improvements and approve the security reduction for Inwood 3rd Addition as detailed in the
respective worksheet. If removed from the consent agenda, the recommended motion for the action is as
follows:
“Move to accept the improvements and approve security reduction for the Inwood 3rd Addition as
detailed in the attached Security Reduction Worksheet”.
ATTACHMENTS:
1. Certificate of Completion – Inwood 3rd Addition.
2. Security Reduction Worksheet – Inwood 3rd Addition.
INWOOD 3RD ADDITION October 31, 2016
DEVELOPMENT AGREEMENT AMOUNTS
CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6
Grading NA NA Included in Overall Grading Agreement
Sanitary Sewer $277,278 $346,597.75 $259,948 $86,649
Watermain $315,803 $394,753.75 $296,065 $98,688
Storm Sewer (w/pond structures) $254,543 $318,178.75 $159,089 $79,545
Streets $501,150 $626,437.50 $313,219 $156,609
Sidewalks/Trails $80,290 $100,362.50 $75,272
Surface Water Facilities NA NA included in Grading Agreement
Street Lighting $48,000 $60,000.00 By Xcel Energy $45,000
Street Signs and Traffic Control Signs $7,010 $8,762.50 $6,572
Private Utilities (electricity, natural gas, telephone, and cable)
Landscaping $151,500 $189,375.00
Tree Preservation and Restoration NA NA included in Grading Agreement
Wetland Mitigation and Buffers NA NA LOC Through VBWD
Monuments $6,800 $8,500.00 $6,375
Erosion Control NA NA included in Grading Agreement
Miscellaneous Facilities NA NA None
Record Drawings $5,000 $6,250.00 $4,688
TOTALS $1,647,374 $2,059,217.75 RELEASED AMOUNTS:$1,028,322 $185,338 $374,060 $0 $0 $0
CUMMULATIVE AMOUNTS:$1,028,322 $1,213,660 $1,587,720
SECURITY AMOUNT REMAINING:$1,030,896 $845,558 $471,498
DATE:3/21/2017 5/7/2019 12/17/2019
Time of Performance:
REDUCTIONS