HomeMy WebLinkAbout#12 - Easton Village 5th Add Security Reduction STAFF REPORT
DATE: October 6, 2020
CONSENT
AGENDA ITEM: Approve Security Reduction for Easton Village 5th 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 Easton Village
5th Addition as itemized below?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the
development security for the Easton Village 5th Addition. This request has been reviewed and the following
reduction is being recommended for approval, contingent upon the developer depositing sufficient escrow
funds to restore a positive balance:
Current Security Amount Proposed Security Amount
1. Easton Village 5th Addition: $ 2,298,724 $ 993,824
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. As part of this reduction the
landscape improvements have been accepted and the 2-year warranty period will be initiated. Although the
development improvements have been addressed in accordance with the development agreement the
developer escrow funds are in the negative and must be restored prior to this reduction being processed.
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 Easton Village 5th Addition as detailed in this report and supporting
documentation, contingent upon the developer depositing sufficient escrow funds to restore a positive
balance as acceptable to City Staff. If removed from the consent agenda, the recommended motion for the
action is as follows:
“Move to approve security reduction for Easton Village 5th Addition as detailed in the attached
Security Reduction Worksheet, contingent upon the developer depositing sufficient escrow funds to
restore a positive balance as acceptable to City Staff.”
ATTACHMENTS:
1. Security Reduction Worksheet – Easton Village 5th Addition.
EASTON VILLAGE 5TH ADDITION October 31, 2019DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Site Grading Agreement $0 $0Sanitary Sewer $219,845 $274,806 $206,105Watermain $324,705 $405,881 $304,411Storm Sewer $485,728 $607,160 $303,580Streets and Sidewalks $693,676 $867,095 $433,548Trails $0 $0Surface Water Facilities NA NAStreet Lighting $40,000 $50,000By Xcel EnergyStreet Signs and Traffic Control Signs $4,150 $5,188Private Utilities (electricity, natural gas, telephone, and cableNA NALandscaping $61,074 $76,343Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments $4,800 $6,000Erosion Control $0 $0Misc. NA NARecord Drawings $5,000 $6,250TOTALS $1,838,978 $2,298,724RELEASED AMOUNTS:$1,247,643 $0 $0 $0 $0 $0CUMMULATIVE AMOUNTS:$1,247,643SECURITY AMOUNT REMAINING:$1,051,081DATE:10/6/2020Time of Performance: REDUCTIONS
EASTON VILLAGE 5TH ADDITION October 31, 2019DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Site Grading Agreement $0 $0Sanitary Sewer $219,845 $274,806 $206,105Watermain $324,705 $405,881 $304,411Storm Sewer $485,728 $607,160 $303,580Streets and Sidewalks $693,676 $867,095 $433,548Trails $0 $0Surface Water Facilities NA NAStreet Lighting $40,000 $50,000By Xcel EnergyStreet Signs and Traffic Control Signs $4,150 $5,188Private Utilities (electricity, natural gas, telephone, and cableNA NALandscaping $61,074 $76,343 $57,257Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments $4,800 $6,000Erosion Control $0 $0Misc. NA NARecord Drawings $5,000 $6,250TOTALS $1,838,978 $2,298,724RELEASED AMOUNTS:$1,304,900 $0 $0 $0 $0 $0CUMMULATIVE AMOUNTS:$1,304,900SECURITY AMOUNT REMAINING:$993,824DATE:10/6/2020Time of Performance: REDUCTIONS