HomeMy WebLinkAbout#12 - Legacy at Northstar 1st Addn Security Reduction STAFF REPORT
DATE: September 17, 2019
CONSENT
ITEM #:
AGENDA ITEM: Approve Security Reduction for Legacy at North Star 1st Addition
SUBMITTED BY: Jack Griffin, City Engineer
REVIEWED BY: Kristina Handt, City Administrator
Ken Roberts, Planning Director
Chad Isakson, Assistance City Engineer
ISSUE BEFORE COUNCIL: Should the City Council approve a security reduction for the Legacy at
North Star 1st Addition as itemized below?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the
development security for the Legacy at North Star 1st Addition. This request has been reviewed and the
following reduction is being recommended for approval:
Current Security Amount Proposed Security Amount
1. Legacy at Northstar 1st Addition: $ 2,330,779 $ 2,120,365
Work within the 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 Legacy at North Star 1st 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 Legacy at North Star 1st Addition as detailed in the attached
Security Reduction Worksheets.”
ATTACHMENTS:
1. Security Reduction Worksheet – Legacy at Northstar 1st Addition.
LEGACY AT NORTH STAR 1ST ADDITION Time of Performance: October 31, 2018
DEVELOPMENT AGREEMENT AMOUNTS
CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6
Grading $247,500 $247,500
Sanitary Sewer $366,592 $458,240 75%$229,120 $114,560
Watermain $306,735 $383,419 75%$191,709 $95,855
Storm Sewer (w/pond structures) $458,365 $572,956
Streets + Sidewalks $666,635 $833,294
Bituminous Trails $75,670 $94,588
Surface Water Facilities NA NA
Street Lighting $36,000 $45,000
Street Signs and Traffic Control Signs $8,150 $10,188
Private Utilities (electricity, natural gas, telephone, and cable)
Builder Landscaping $37,440 $46,800
Landscaping $36,800 $46,000
Tree Preservation and Restoration NA NA
Wetland Mitigation and Buffers NA NA Included in Grading Security
Monuments $5,900 $7,375
Erosion Control NA NA Included in Grading Security
Turn Lane + By‐pass Lane $166,290 $207,863 Costs missed in Original DA
Record Drawings $5,000 $6,250
TOTALS $2,417,077 $2,959,471 RELEASED AMOUNTS:$420,829 $210,415 $0 $0 $0
$2,250,787 $2,751,609 CUMMULATIVE AMOUNTS:$420,829 $631,244
SECURITY AMOUNT REMAINING:$2,330,779 $2,120,365
DATE: 1/15/2019 9/17/2019
REDUCTIONS