HomeMy WebLinkAbout#12 - Legacy at North Star Security Reduction STAFF REPORT
DATE: January 21, 2020
CONSENT
AGENDA ITEM: Approve Security Reduction for Legacy at North Star 2nd 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 2nd 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 2nd 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 2nd Addition: $ 2,050,641 $ 953,376
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 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 Legacy at North Star 2nd Addition as detailed in the attached Security Reduction Worksheets.” ATTACHMENTS: 1. Security Reduction Worksheet – Legacy at Northstar 2nd Addition.
LEGACY AT NORTH STAR 2ND ADDITION Time of Performance: October 31, 2019DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading NA NAIncluded in Grading SecuritySanitary Sewer $294,395 $367,99475%$275,995Watermain $287,645 $359,55675%$269,667Storm Sewer (w/pond structures) $350,133 $437,66650%$218,833Streets + Sidewalks $532,432 $665,54050%$332,770Bituminous Trails NA NASurface Water Facilities $28,320 $35,400Street Lighting $30,000 $37,500Street Signs and Traffic Control Signs $1,750 $2,188Private Utilities (electricity, natural gas, telephone, and cable)Builder Landscaping $48,640 $60,800Landscaping $32,960 $41,200Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments $7,400 $9,250Erosion Control $21,838 $27,298Record Drawings $5,000 $6,250TOTALS $1,640,513 $2,050,641RELEASED AMOUNTS:$1,097,266$0 $0 $0 $0CUMMULATIVE AMOUNTS:$1,097,266SECURITY AMOUNT REMAINING:$953,376DATE: 1/21/2020REDUCTIONS