HomeMy WebLinkAbout#08 - Boulder Ponds 3rd and Royal Golf 1st Security Reductions STAFF REPORT
DATE: March 5, 2019
CONSENT
AGENDA ITEM: Approve Development Security Reductions for Boulder Ponds 3rd and Royal
Golf Club 1st 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 Boulder Ponds 3rd and Royal Golf Club 1st Additions?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed requests to reduce the warranty
security amounts for the Boulder Ponds 3rd and Royal Golf Club 1st Additions. This request has been
reviewed and the following reduction in security is being recommended for approval:
Current Security Amount Proposed Security Amount
1. Boulder Ponds 3rd Addition $ 1,178,981 $ 878,146
2. Royal Golf Club Grading $ 359,314 $ 213,314
3. Royal Golf Club 1st Addition $ 2,074,392 $ 1,840,876
Work within this 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 the Boulder Ponds 3rd and Royal Golf Club 1st 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 reduction for the Boulder Ponds 3rd and Royal Golf Club 1st Additions as
detailed in the attached Security Reduction Worksheets.”
ATTACHMENTS:
1. Boulder Ponds 3rd Addition – Security Reduction Worksheet.
2. Royal Golf Club Grading – Security Reduction Worksheet.
3. Royal Golf Club 1st Addition – Security Reduction Worksheet.
BOULDER PONDS 3RD ADDITION Time of Performance: October 31, 2019DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading $66,470 $83,088 $83,088Sanitary Sewer $101,852 $127,315 $95,486Watermain $130,412 $163,015 $122,261Storm Sewer (w/pond structures) $55,845 $69,806Streets and Sidewalks $147,956 $184,945Trails $18,275 $22,844Surface Water Facilities $55,849 $69,811Street Lighting $24,000 $30,000Street Signs and Traffic Control Signs $738 $923Private Utilities (electricity, natural gas, telephone, and cable)Landscaping $103,522 $129,403Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments $3,300 $4,125Erosion Control $12,450 $15,563Hudson Blvd. Turn Lanes $217,516 $271,895Record Drawings $5,000 $6,250TOTALS $943,185 $1,178,981RELEASED AMOUNTS:$300,835 $0 $0 $0 $0 $0CUMMULATIVE AMOUNTS:$300,835SECURITY AMOUNT REMAINING:$878,146DATE:3/5/2019REDUCTIONS
ROYAL GOLF CLUB GRADING AGREEMENT NADEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading $146,000 $146,00073 acres$146,000Tree Replacement $507,680 $634,6002,538.4 caliper inches$421,286TOTALS $653,680 $780,600RELEASED AMOUNTS:$421,286 $146,000 $0 $0 $0 $0CUMMULATIVE AMOUNTS:$421,286 $567,286SECURITY AMOUNT REMAINING:$359,314 $213,314DATE: 5/15/2018 3/5/2019Time of Performance: REDUCTIONS
ROYAL GOLF CLUB 1ST ADDITION October 31, 2018DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading NA NAIncluded in Overall Grading AgreementSanitary Sewer $723,897 $904,87175%$452,436Watermain $368,489 $460,61175%$230,306Storm Sewer $429,087 $536,35975%$268,179Streets and Sidewalks $872,121 $1,090,15175%$545,076Trails $76,050 $95,063Surface Water Facilities NA NAincluded in Grading AgreementStreet Lighting $36,000 $45,000By Xcel EnergyStreet Signs and Traffic Control Signs $11,404 $14,254Landscaping $249,083 $311,354 $233,515Tree Preservation and Restoration NA NAincluded in Grading AgreementWetland Mitigation and Buffers NA NAincluded in Grading AgreementMonuments $7,300 $9,125Erosion Control $71,880 $89,850Turn Lanes NA NAincluded in Streets & SidewalksRecord Drawings $11,000 $13,750TOTALS $2,856,310 $3,570,388RELEASED AMOUNTS:$1,495,996 $233,515CUMMULATIVE AMOUNTS:$1,495,996 $1,729,511SECURITY AMOUNT REMAINING:$2,074,392 $1,840,876DATE: 1/16/2018 3/5/2019Time of Performance: REDUCTIONS