HomeMy WebLinkAbout#10 - Southwind LOC Reduction STAFF REPORT
DATE: April 6th, 2021
CONSENT
AGENDA ITEM: Approve Security Reduction for Southwind Landscaping. SUBMITTED BY: Ben Prchal, City Planner REVIEWED BY: Ken Roberts, Planning Director Jack Griffin, City Engineer
ISSUE BEFORE COUNCIL: Should the City Council approve the security reductions as recommended by Staff for the Southwind Development?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed requests to reduce the development security for landscaping improvements for the Southwind Development. This is the second request to reduce the landscaping portion of their LOC but it is not the final acceptance and close out. The City will continue to retain funds until the final inspection is conduced which is expected to happen later this year.
Current Landscaping Security Amount Proposed Security Amount 1. Southwind $145,303 $70,328 The landscaping improvements for the Southwind Development have been inspected by the City Landscape Architect. The Developer has stated that they did not receive their potential maximum LOC amount during their first request. After confirmation with the City Attorney they are eligible for an additional reduction. FISCAL IMPACT: It is the City’s goal to retain at all times during the subdivision improvements a security amount that is adequate to ensure completion of all elements of the improvements as protection to the City tax payers against the potential of developer default.
RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, approve the security reductions for the Soutwind Development as detailed in the attached worksheets. If
removed from the consent agenda, the recommended motion for the action is as follows: “Move to approve the security reduction for the Southwind Development as detailed in the attached Security Reduction Worksheets”. ATTACHMENTS:
1. Security Reduction Worksheet – Southwind.
SOUTHWIND OF LAKE ELMOTime of Performance: April 6th, 2021DEVELOPMENT AGREEMENT AMOUNTSCATEGORYCONSTRUCTION125% REMARKS#1 #2 #3 #4 #5 #6Grading187,554$ $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$281,303 $136,000 (48%)Tree Preservation and RestorationNANAWetland Mitigation and BuffersNANAMonuments4,600$ $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#74/6/2021$74,975 (26%)$74,975 $1,901,412$70,328