HomeMy WebLinkAbout#08 - Boulder Ponds 1st Addn Security Reduction STAFF REPORT
DATE: October 6, 2020
CONSENT
AGENDA ITEM: Approve Release of Warranty Security for Boulder Ponds 1st Addition
SUBMITTED BY: Jack Griffin, City Engineer
REVIEWED BY: Kristina Handt, City Administrator Marty Powers, Public Works Director Ken Roberts, Planning Director
Chad Isakson, Assistant City Engineer
ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for public
improvements including streets, storm sewer facilities, sidewalks, trails, materials and equipment for
Boulder Ponds 1st Addition?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the
development security in accordance with the development agreement for the Boulder Ponds 1st Addition.
The public improvements including streets, storm sewer facilities, sidewalks, trails, materials and
equipment were completed and accepted by the City on January 16, 2018 and the 1-year warranty period
was initiated. Twenty-five percent (25%) of the original security was retained through the 1-year warranty
period. A warranty walk-through has been completed by City staff and all warranty punch list items have
since been addressed by the Developer. With the release of the 1-year warranty security for public
improvements the overall development security may be reduced as follows:
Current Security Amount Proposed Security Amount
• Boulder Ponds 1st Addition: $884,496 $66,969
FISCAL IMPACT: Release of the warranty security brings the public improvements including streets,
storm sewer facilities, sidewalks, trails, materials and equipment to a close. The operation and maintenance
of these facilities becomes the responsibility of the City going forward.
RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda,
approve the release of warranty security for public improvements including streets, storm sewer facilities,
sidewalks, trails, materials and equipment in the Boulder Ponds 1st Addition, resulting in a reduction in
overall security as detailed in the respective worksheet. If removed from the consent agenda, the
recommended motion for the action is as follows:
“Move to approve the security reductions for Boulder Ponds 1st Addition as detailed in the respective
Security Reduction Worksheet.”
ATTACHMENTS:
1. Security Reduction Worksheet – Boulder Ponds 1st Addition.
BOULDER PONDS 1ST ADDITION Time of Performance: October 31, 2016DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading $116,600 $116,600100%$116,600Grading $68,194 $85,243100%$42,621 $42,621Sanitary Sewer $405,451 $506,813100%$380,110 $126,703Watermain $349,674 $437,092100%$327,819 $109,273Streets $1,084,327 $1,355,409100%$677,704 $338,852 $338,852Surface Water Facilities $721,027 $901,284100%$450,642 $225,321 $225,321Erosion Control $48,406 $60,508100%$45,381 $15,127Sidewalks/Trails Included in Streets Included in StreetsStreet Lighting NA NABy Xcel EnergyStreet Signs and Traffic Control Signs Included in Streets Included in StreetsLandscaping $204,302 $255,37875%$127,689 $60,719Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NALOC Through VBWDMonuments $4,700 $5,875100%$4,406 $1,469Miscellaneous Facilities NA NARecord Drawings $2,500 $3,125100%$2,344 $781TOTALS $2,888,581 $3,727,326RELEASED AMOUNTS:$1,995,497 $606,794 $179,819 $60,719 $817,526$881,371CUMMULATIVE AMOUNTS:$1,995,497 $2,602,291 $2,782,111 $2,842,830 $3,660,357SECURITY AMOUNT REMAINING:$1,731,829 $1,125,035 $945,215 $884,496 $66,969DATE:12/15/2015 8/2/2016 12/20/2016 7/17/2018 10/6/2020REDUCTIONS