HomeMy WebLinkAbout#03 - Royal Golf Security Release STAFF REPORT
DATE: April 6, 2021
CONSENT
AGENDA ITEM: Approve Release of Warranty Security for Royal Golf Club 2nd 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 approve release of warranty security for public improvements including public sanitary sewer and watermain for Royal Golf Club 2nd Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the development security in accordance with the development agreement for Royal Golf Club 2nd Addition.
The public improvements including sanitary sewer and watermain were completed and accepted by the City on January 15, 2019 and the 2-year warranty period was initiated. Twenty-five percent (25%) of the original security was retained through the 2-year warranty period. A warranty walk-through has been completed by
City staff and all warranty punch list items have been addressed by the Developer. 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.
With the release of the 2-year warranty security for public sanitary sewer and watermain improvements the overall development security may be reduced as shown below. Remaining security is for landscaping improvements. Current Security Amount Proposed Security Amount 1. Royal Golf Club 2nd Add. $329,853 $101,406 FISCAL IMPACT: Release of the warranty security brings the public improvements including sanitary sewer and watermain 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 sanitary sewer and watermain in Royal Golf Club 2nd Addition 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 Royal Golf Club 2nd Addition 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 – Royal Golf Club 2nd Addition.
ROYAL GOLF CLUB 2ND ADDITION October 31, 2018DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading NA NAIncluded in Overall Grading AgreementSanitary Sewer $216,439 $270,54975%$202,911 $67,637Watermain $514,590 $643,23875%$482,428 $160,809Storm Sewer $409,749 $512,186100%$256,093 $128,047 $128,047Streets and Sidewalks $998,255 $1,247,818100%$623,909 $311,955 $311,955Trails $72,670 $90,838100%$68,128 $22,709Surface Water Facilities NA NAincluded in Grading AgreementStreet Lighting $30,000 $37,500100%$28,125 $9,375Street Signs and Traffic Control Signs $4,235 $5,294100%$3,970 $1,323Landscaping $324,500 $405,625 $304,219Tree Preservation and Restoration NA NAincluded in Grading AgreementWetland Mitigation and Buffers NA NAincluded in Grading AgreementMonuments $7,300 $9,125100%$6,844 $2,281Erosion Control NA NAincluded in Grading AgreementTurn Lanes NA NABy CountyRecord Drawings $8,000 $10,000100%$7,500 $2,500TOTALS $2,585,737 $3,232,172RELEASED AMOUNTS:$685,340 $880,002 $304,219 $554,568 $478,190 $228,447CUMMULATIVE AMOUNTS:$685,340 $1,565,342 $1,869,561 $2,424,129 $2,902,319 $3,130,766SECURITY AMOUNT REMAINING:$2,546,832 $1,666,830 $1,362,611 $808,043 $329,853 $101,406DATE: 1/15/2019 7/2/2019 11/5/201912/17/2019 1/5/2021 4/6/2021Time of Performance: REDUCTIONS