HomeMy WebLinkAbout#08 - Security Reductions STAFF REPORT
DATE: February 5, 2019
CONSENT
AGENDA ITEM: Approve Development Security Reductions for Savona 1st, 3rd & 4th Additions
SUBMITTED BY: Jack Griffin, City Engineer
REVIEWED BY: Kristina Handt, City Administrator
Ken Roberts, Planning Director
Chad Isakson, Assistant City Engineer
ISSUE BEFORE COUNCIL: Should the City Council approve a reduction in the security amounts for
the Savona 1st, 3rd and 4th Additions?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed requests to reduce the warranty
security amounts for the Savona 1st, 3rd and 4th Additions. These requests have been reviewed and the
following reduction in security is being recommended for approval:
Current Security Amount Proposed Security Amount
1. Savona 1st Addition $ 849,210 $ 666,495
2. Savona 3rd Addition $ 1,505,159 $ 1,003,064
3. Savona 4th Addition $ 2,202,573 $ 1,797,386
Work within each of these developments have progressed in accordance with the respective 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 reductions for the Savona 1st, 3rd, and 4th Additions 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 reductions for the Savona 1st, 3rd, and 4th Additions as detailed in the
attached Security Reduction Worksheets.”
ATTACHMENTS:
1. Security Reduction Worksheet – Savona 1st Addition.
2. Security Reduction Worksheet – Savona 3rd Addition.
3. Security Reduction Worksheet – Savona 4th Addition.
SAVONA 1ST ADDITION Time of Performance: October 31, 2015DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading $650,000 $812,500100%$812,500Sanitary Sewer $138,099 $172,62475%$86,312 $43,156Watermain $155,927 $194,90975%$97,454 $48,727Streets $763,387 $954,23475%$477,117 $238,558Surface Water Facilities $493,703 $617,12975%$308,564 $154,282Erosion Control $52,533 $65,66675%$32,833 $16,417Sidewalks/Trails $119,642 $149,55375%$112,164Street Lighting NA NABy Xcel EnergyStreet Signs and Traffic Control Signs $11,600 $14,50075%$7,250 $3,625Landscaping $97,236 $121,54575%Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NALOC Through VBWDMonuments $6,450 $8,06375%$6,047Miscellaneous Facilities NA NARecord Drawings $2,500 $3,12575%$2,344TOTALS $2,491,077 $3,113,846RELEASED AMOUNTS:$969,448 $1,295,189 $182,714$575,337CUMMULATIVE AMOUNTS:$969,448 $2,264,637 $2,447,351SECURITY AMOUNT REMAINING:$2,144,399 $849,210 $666,495DATE: 3/2/2016 12/20/2016 2/5/2019REDUCTIONS
SAVONA 3RD ADDITION Time of Performance: October 31, 2016DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading (Separate Grading Agreement) $127,000 $127,000Sanitary Sewer $345,301 $431,62675%$215,813 $107,907Watermain $503,113 $628,89175%$314,446 $157,223Streets $1,168,007 $1,460,00975%$730,004 $365,002Surface Water Facilities $333,140 $416,42550%$208,213Erosion Control $133,732 $167,16575%$125,374Sidewalks/Trails Included in Streets Included in StreetsStreet Lighting NA NABy Xcel EnergyStreet Signs and Traffic Control Signs Included in Streets Included in StreetsLandscaping $95,218 $119,0230%Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NALOC Through VBWDMonuments $6,000 $7,50075%$5,625Miscellaneous Facilities NA NARecord Drawings $6,500 $8,12575%$6,094TOTALS $2,591,011 $3,365,764RELEASED AMOUNTS:$1,468,476 $392,129 $502,095$809,691CUMMULATIVE AMOUNTS:$1,468,476 $1,860,605 $2,362,700SECURITY AMOUNT REMAINING:$1,897,288 $1,505,159 $1,003,064DATE: 12/20/2016 1/16/2018 2/5/2019REDUCTIONS
SAVONA 4TH ADDITION Time of Performance: September 30, 2017DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading NA NA NASanitary Sewer $379,407 $474,25975%$355,694Watermain $460,445 $575,55675%$431,667Storm Sewer (w/pond structures) $449,062 $561,32850%$280,664Streets $1,296,601 $1,620,75175%$810,375 $405,188Sidewalks/Trails $281,412 $351,765Surface Water Facilities NA NAincluded in Grading AgreementStreet Lighting $84,000 $105,0000%Street Signs and Traffic Control Signs $4,650 $5,813Private Utilities (electricity, natural gas, telephone, and cable)Landscaping $213,893 $267,3660%Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NALOC Through VBWDMonuments $7,800 $9,7500%Erosion Control $81,009 $101,2620%Record Drawings $6,500 $8,1250%TOTALS $3,264,779 $4,080,974RELEASED AMOUNTS:$1,878,401 $405,188$1,020,244CUMMULATIVE AMOUNTS:$1,878,401 $2,283,589SECURITY AMOUNT REMAINING:$2,202,573 $1,797,386DATE:1/16/2018 2/5/2019REDUCTIONS