HomeMy WebLinkAbout#09 - Boulder Ponds 3rd Security Reduction STAFF REPORT
DATE: April 20, 2021
CONSENT
AGENDA ITEM: Accept Improvements and Approve Security Reductions for Boulder Ponds 3rd 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 Boulder Ponds 3rd Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the improvements and to reduce the development security for Boulder Ponds 3rd 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. Boulder Ponds 3rd Addition $ 878,146 $ 371,025 The Boulder Ponds 3rd 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 April 20, 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 Boulder Ponds 3rd 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 the security reduction for the Boulder Ponds 3rd Addition as detailed in the attached 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. Certificate of Completion – Boulder Ponds 3rd Addition.
2. Security Reduction Worksheet – Boulder Ponds 3rd Addition.
BOULDER PONDS 3RD ADDITION Time of Performance: October 31, 2019DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading $66,470 $83,088 $83,088Sanitary Sewer $101,852 $127,315 $95,486Watermain $130,412 $163,015 $122,261Storm Sewer (w/pond structures) $55,845 $69,806 $52,355Streets and Sidewalks $147,956 $184,945 $138,709Trails $18,275 $22,844 $17,133Surface Water Facilities $55,849 $69,811 $52,358Street Lighting $24,000 $30,000 $22,500Street Signs and Traffic Control Signs $738 $923 $692Private Utilities (electricity, natural gas, telephone, and cable)Landscaping $103,522 $129,403Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments $3,300 $4,125 $3,094Erosion Control $12,450 $15,563 $11,672Hudson Blvd. Turn Lanes $217,516 $271,895 $203,921Record Drawings $5,000 $6,250 $4,688TOTALS $943,185 $1,178,981RELEASED AMOUNTS:$300,835 $507,121 $0 $0 $0 $0CUMMULATIVE AMOUNTS:$300,835 $807,956SECURITY AMOUNT REMAINING:$878,146 $371,025DATE:3/5/2019 4/20/2021REDUCTIONS