HomeMy WebLinkAbout#07 - LOC Reduction for Growing Explorers STAFF REPORT
DATE: October 20th, 2020 CONSENT
AGENDA ITEM: Approve Security Reduction for Growing Explorers (158 Jade Trl.) SUBMITTED BY: Ben Prchal, City Planner REVIEWED BY: Ken Roberts, Planning Director
ISSUE BEFORE COUNCIL: Would the City Council like to approve a security reduction for Growing Explorers Learning Center? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the security for the CUP affiliated with the Growing Explores Learning Center. The applicant was required to supply the City with a cash escrow in the amount of 125% of the value for all improvements on site (Outlined in Developers Agreement). At this point the City Engineer has confirmed that the property has met all engineering requirements and the installations are meet acceptable standards. However, a full close out and reduction cannot be provided at this time due to
the language pertaining to landscaping warranty periods. The property will be eligible for a full close out in 2021, assuming the required landscaping is in an acceptable condition. With that said, Staff believes it is appropriate to release the funds pertaining to engineering requirements and partially release some
landscaping funds. The requests have been reviewed and the following reduction(s) are being recommended for approval:
Current Security Amount Proposed Security Reduction Amount 1. 158 Jade Trl: $66,543.75 $60,606.25 This project is considered complete by all applicable/reviewing departments and the security reduction amount has been reviewed according to the extent of completion for each infrastructure component. FISCAL IMPACT: It is the City’s goal to retain at all times sufficient funds to ensure completion of all improvement elements affiliated with the project to protect the City tax payers against the potential of default. With all conditions being satisfied and the warranty period being met there is no need to retain all of the acquired funds. The City will however, hold onto half of the landscaping funds ($5,937.5) which will be eligible for release at
the end of the second year of the warranty requirement. RECOMMENDATION:
Staff is recommending that the City Council approve, as part of the Consent Agenda, the recommended security reduction for 158 Jade Trail, Growing Explorers Learning Center 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 partial Letter of Credit release for the property located at 158 Jade Trail, The Growing Explorers Learning Center, as detailed in the report.”
ATTACHMENTS: 1. Financial Break Out 2. Engineering Acceptance
Growing Explorers Learning Center Time of Performance: October 20, 2020
DEVELOPMENT AGREEMENT AMOUNTS
CATEGORY CONSTRUCTION 125%REMARKS #1 #2 #3 #4 #5
1 Grading, Erosion, Sediemnt Control $9,800.00 $12,250.00 $12,250.00
2 Watermain $22,750.00 $28,437.50 $28,437.50
3 Storm Sewer $0.00 $0.00
4 Landscaping Improvements $9,500.00 $11,875.00 $5,938
5 Monuments $1,000.00 $1,250.00 $1,250.00
6 Erosion and Sediment Control $6,185.00 $7,731.25 $7,731.25
7 Developer's Record Drawings $4,000.00 $5,000.00 $5,000.00
TOTALS $53,235 $66,544 RELEASED AMOUNTS:$60,606.25 $0 $0 $0 $0
CUMMULATIVE AMOUNTS:$60,606.25 $0
SECURITY AMOUNT REMAINING:$5,937.50
DATE:10/20/2020
REDUCTIONS
1
Ben Prchal
From:Jack Griffin <Jack.Griffin@focusengineeringinc.com>
Sent:Monday, September 28, 2020 9:24 AM
To:Ben Prchal
Subject:Re: Growing Explorers - Record Drawings
Caution: This email originated outside our organization; please use caution.
Ben,
The punchlist is complete and the record plans look good. The developer needs to submit CAD files to complete
the record plan process. With that submission all public improvements are complete.
Thanks ~Jack
John (Jack) W. Griffin, P.E.
Principal / Sr. Municipal Engineer
FOCUS ENGINEERING, INC.
651.300.4264
jack.griffin@focusengineeringinc.com
On Mon, Sep 14, 2020 at 4:13 PM Ben Prchal <BPrchal@lakeelmo.org> wrote:
I have attached the new record drawings for Growing Explorers. Please review them and let me know if you
need anything from the City. Assuming the plans are complete they will be looking for a LOC reduction/close
out.
Thank you,
Ben Prchal, City Planner
City of Lake Elmo
651-747-3911