HomeMy WebLinkAbout#06 - Security Reduction for Royal Golf Grading STAFF REPORT
DATE: April 2, 2019
CONSENT
AGENDA ITEM: Approve Development Security Reduction for Royal Golf Club Grading
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 amount for the
Royal Golf Club Grading Agreement?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the warranty
security amount for the Royal Golf Club Grading Agreement. This request has been reviewed and the
following reduction in security is being recommended for approval:
Current Security Amount Proposed Security Amount
1. Royal Golf Club Grading $ 213,314 $ 41,428
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 Royal Golf Club Grading Agreement 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 Royal Golf Club Grading Agreement as detailed in the
attached Security Reduction Worksheets.”
ATTACHMENTS:
1. Royal Golf Club Grading – Security Reduction Worksheet.
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$421,286 $171,887TOTALS $653,680 $780,600RELEASED AMOUNTS:$421,286 $146,000 $171,887 $0 $0 $0CUMMULATIVE AMOUNTS:$421,286 $567,286 $739,173SECURITY AMOUNT REMAINING:$359,314 $213,314 $41,428DATE: 5/15/2018 3/5/2019 4/2/2019Time of Performance: REDUCTIONS