HomeMy WebLinkAbout#17 - Legacy at North Star 1st Add Security Reduction STAFF REPORT
DATE: January 5, 2021
CONSENT
AGENDA ITEM: Accept Improvements and Approve Security Reductions for Legacy at Northstar 1st Addition.
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 accept the improvements and approve security reductions for Legacy at Northstar 1st Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the improvements and to reduce the development security for Legacy at Northstar 1st Addition. This request has been reviewed and the following reduction is being recommended for approval, 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. Legacy at Northstar 1st Addition $ 2,120,365 $ 995,093 The Legacy at Northstar 1st 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 January 5, 2022 for street and drainage improvements. 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 the Legacy at Northstar 1st Addition as detailed in the respective 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. 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 Legacy at Northstar 1st
Addition as detailed in the attached Security Reduction Worksheet, for approval, 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. Certificate of Completion – Legacy at Northstar 1st Addition.
2. Security Reduction Worksheet – Legacy at Northstar 1st Addition.
LEGACY AT NORTH STAR 1ST ADDITION Time of Performance: October 31, 2018DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading $247,500 $247,500Sanitary Sewer $366,592 $458,24075%$229,120 $114,560Watermain $306,735 $383,41975%$191,709 $95,855Storm Sewer (w/pond structures) $458,365 $572,95675%$429,717Streets + Sidewalks $666,635 $833,29475%$624,970Bituminous Trails $75,670 $94,58875%$70,941Surface Water Facilities NA NAStreet Lighting $36,000 $45,00075%$33,750Street Signs and Traffic Control Signs $8,150 $10,18875%$7,641Private Utilities (electricity, natural gas, telephone, and cable)Builder Landscaping $37,440 $46,800Landscaping $36,800 $46,000Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAIncluded in Grading SecurityMonuments $5,900 $7,37575%$5,531Erosion Control NA NAIncluded in Grading SecurityTurn Lane + By‐pass Lane $166,290 $207,86375%$155,897Record Drawings $5,000 $6,25075%$4,688TOTALS $2,417,077 $2,959,471RELEASED AMOUNTS:$420,829 $210,415 $1,333,134 $0 $0 $0$2,250,787 $2,751,609CUMMULATIVE AMOUNTS:$420,829 $631,244 $1,964,378SECURITY AMOUNT REMAINING:$2,330,779 $2,120,365 $995,093DATE: 1/15/2019 9/17/2019 1/5/2021REDUCTIONS