HomeMy WebLinkAbout#07 - Royal Golf 2nd Addn Security Reduction STAFF REPORT
DATE: July 2, 2019
CONSENT
AGENDA ITEM: Approve Development Security Reduction for Royal Golf Club 2nd Addition
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 a reduction in the security amount for the
Royal Golf Club 2nd Addition?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the security
amount for the Royal Golf Club 2nd Addition. 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 2nd Addition $ 2,546,832 $ 1,666,830
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 2nd Addition 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 2nd Addition as detailed in the attached
Security Reduction Worksheet.”
ATTACHMENTS:
1. Royal Golf Club 2nd Addition – Security Reduction Worksheet.
ROYAL GOLF CLUB 2ND ADDITION October 31, 2018
DEVELOPMENT AGREEMENT AMOUNTS
CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4
Grading NA NA Included in Overall Grading Agreement
Sanitary Sewer $216,439 $270,549 $202,911
Watermain $514,590 $643,238 $482,428
Storm Sewer $409,749 $512,186 $256,093
Streets and Sidewalks $998,255 $1,247,818 $623,909
Trails $72,670 $90,838
Surface Water Facilities NA NA included in Grading Agreement
Street Lighting $30,000 $37,500 By Xcel Energy
Street Signs and Traffic Control Signs $4,235 $5,294
Landscaping $324,500 $405,625
Tree Preservation and Restoration NA NA included in Grading Agreement
Wetland Mitigation and Buffers NA NA included in Grading Agreement
Monuments $7,300 $9,125
Erosion Control NA NA included in Grading Agreement
Turn Lanes NA NA By County
Record Drawings $8,000 $10,000
TOTALS $2,585,737 $3,232,172 RELEASED AMOUNTS:$685,340 $880,002 $0 $0
CUMMULATIVE AMOUNTS:$685,340 $1,565,342
SECURITY AMOUNT REMAINING:$2,546,832 $1,666,830
DATE: 1/15/2019 7/2/2019
Time of Performance:
REDUCTIONS