HomeMy WebLinkAbout#05 - Inwood 1st & 2nd Security Reduction STAFF REPORT
DATE: December 1, 2020
CONSENT
AGENDA ITEM: Accept Improvements and Approve Security Reductions for Inwood 1st
and 2nd Additions.
SUBMITTED BY: Jack Griffin, City Engineer
REVIEWED BY: Kristina Handt, City Administrator
Ken Roberts, Planning Director
Marty Powers, Public Works Director
ISSUE BEFORE COUNCIL: Should the City Council accept the improvements and a approve security
reductions for Inwood 1st and 2nd Additions?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the
improvements and to reduce the development security for Inwood 1st and 2nd Additions. This request has
been reviewed and the following reduction is being recommended:
Current Security Amount Proposed Security Amount
1. Inwood 1st and 2nd Additions $ 1,124,204 $ 670,719
The Inwood 1st and 2nd Addition street and drainage improvements are now in the 1-year warranty period
per the attached Certificate of Completion. Twenty-five percent (25%) of the original security amount will
be retained until the warranty period has expired on December 1, 2021 for street and drainage
improvements. This security reduction also reduces the landscaping improvement security by 50% of the
original amount for the Inwood 1st and 2nd Additions. The reduction is being processed at the direction of
the Planning Department based on the status of the improvements and based on holding the remaining
landscape security until the infiltration basin erosion issues have been corrected by the developer.
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.
RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda,
accept the improvements and approve the security reductions for Inwood 1st and 2nd Additions as detailed
in the respective worksheet. If removed from the consent agenda, the recommended motion for the action
is as follows:
“Move to accept the improvements and approve security reductions for the Inwood 1st and 2nd
Additions as detailed in the attached Security Reduction Worksheet”.
ATTACHMENTS:
1. Certificate of Completion – Inwood 1st and 2nd Additions.
2. Security Reduction Worksheet – Inwood 1st and 2nd Additions.
INWOOD 1ST AND 2ND ADDITIONS Time of Performance: July 1, 2016DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4Grading $314,000 NA$314,000Sanitary Sewer $412,585 $515,731.25100%$386,798 $128,933Watermain $510,249 $637,811.25100%$478,358 $159,453Streets $1,114,212 $1,392,765.0075%$696,383 $348,191Surface Water Facilities $599,736 $749,670.0075%$374,835 $187,418Erosion Control NA NAincluded in Grading AgreementSidewalks/Trails $212,175 $265,218.7575%$132,609 $66,305Street Lighting NA NABy Xcel EnergyStreet Signs and Traffic Control Signs $18,705 $23,381.2575%$11,691 $5,845Landscaping $97,236 $121,545.00100%$60,773Tree Preservation and Restoration NA NAincluded in Grading AgreementWetland Mitigation and Buffers NA NALOC Through VBWDMonuments $5,000 $6,250.0075%$4,688Miscellaneous Facilities NA NANoneRecord Drawings $2,000 $2,500.0075%$1,875TOTALS $2,971,898 $3,714,872.50RELEASED AMOUNTS:$2,080,674 $535,609$288,386$453,485CUMMULATIVE AMOUNTS:$2,080,674 $2,616,283 $2,904,669 $3,358,154SECURITY AMOUNT REMAINING:$1,948,198 $1,412,589 $1,124,204 $670,719DATE:3/21/2017 9/19/2017 5/7/2019 12/1/2020REDUCTIONS