HomeMy WebLinkAbout#16 - Southwind Security Reduction STAFF REPORT
DATE: January 5, 2021
CONSENT
AGENDA ITEM: Approve Release of Warranty Security for Southwind at Lake Elmo. SUBMITTED BY: Jack Griffin, City Engineer REVIEWED BY: Kristina Handt, City Administrator Ken Roberts, Planning Director Marty Powers, Public Works 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 Southwind at Lake Elmo? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the
development security in accordance with the development agreement for Southwind at Lake Elmo. The public improvements including streets, storm sewer facilities, sidewalks, trails, materials and equipment were completed and accepted by the City on December 17, 2019 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 follow, contingent on the developer being current with all other payments and obligations in accordance with the Development Agreement, including a positive escrow balance as required by the City: Current Security Amount Proposed Security Amount 1. Southwind at Lake Elmo $432,917 $145,304 Remaining security is for the landscaping improvements in the development. FISCAL IMPACT: Release of the warranty security brings the public improvements including streets, storm sewer facilities, sidewalks, trails, materials and equipment to a close. The operation and maintenance of these facilities becomes the responsibility of the City going forward.
RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, approve the release of warranty security for public improvements including streets, storm sewer facilities,
sidewalks, trails, materials and equipment in Southwind at Lake Elmo resulting in a reduction in overall security as detailed in the respective worksheet. The release of security is contingent on the developer being current with all other payments and obligations in accordance with the Development Agreement, including
a positive escrow balance as required by the City. If removed from the consent agenda, the recommended motion for the action is as follows:
“Move to approve the security reductions for Southwind at Lake Elmo as detailed in the respective
Security Reduction Worksheet, contingent on the developer being current with all other payments and obligations in accordance with the Development Agreement, including a positive escrow balance as
required by the City”.
ATTACHMENTS:
1. Security Reduction Worksheet – Southwind at Lake Elmo.
SOUTHWIND OF LAKE ELMO Time of Performance: October 31, 2018DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading187,554$ $234,442100%$234,442Sanitary Sewer117,757$ $147,196100%$110,397 $36,799Watermain126,676$ $158,345100%$118,759 $39,586Storm Sewer (w/pond structures)217,173$ $271,466100%$135,733 $67,867 $67,867Streets + Sidewalks545,215$ $681,518100%$340,759 $170,380 $170,380Bituminous Trails32,525$ $40,656100%$30,492 $10,164Surface Water Facilities35,185$ $43,981100%$32,985 $10,995Street Lighting48,000$ $60,000100%$45,000 $15,000Street Signs and Traffic Control Signs7,400$ $9,250100%$6,938 $2,313Private Utilities (electricity, natural gas, telephone, and cable)Landscaping $225,042 $281,30348%$136,000Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments4,600$ $5,750100%$4,313 $1,438Erosion Control25,265$ $31,582100%$23,686 $7,8955TH Street NorthIncluded IncludedRecord Drawings5,000$ $6,250100%$4,688 $1,563TOTALS $1,577,391 $1,971,740RELEASED AMOUNTS:$705,649 $302,309 $170,380 $212,385 $148,101 $287,613$1,431,756CUMMULATIVE AMOUNTS:$705,649 $1,007,957 $1,178,337 $1,390,722 $1,538,823 $1,826,437$357,939SECURITY AMOUNT REMAINING:$1,266,091 $963,783 $793,403 $581,018 $432,917 $145,304DATE:1/16/2018 9/18/2018 1/15/2019 11/5/2019 12/17/2019 1/5/2021REDUCTIONS