HomeMy WebLinkAbout#13 - Wildflower 3rd Addition Security Reduction STAFF REPORT
DATE: July 6, 2021
CONSENT
AGENDA ITEM: Accept Improvements and Approve Security Reductions for Wildflower 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 the Wildflower 3rd Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the improvements and to reduce the development security for the Wildflower 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. Wildflower 3rd Addition $ 705,998 $ 378,239 The Wildflower 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 July 6, 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 Wildflower 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 Wildflower 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 – Wildflower 3rd Addition.
2. Security Reduction Worksheet – Wildflower 3rd Addition.
WILDFLOWER AT LAKE ELMO 3RD ADDITION Time of Performance: October 31, 2018DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Sanitary Sewer $104,206 $130,25875%$97,693Watermain $149,310 $186,63875%$139,978Streets & Sidewalks $641,144 $801,43075%$400,715 $200,358Storm Sewer $209,718 $262,14875%$131,074 $65,537Erosion Control $17,100 $21,37575%$16,031Trails NA NAStreet Lighting $30,000 $37,50075%$28,125Street Signs and Traffic Control Signs $6,388 $7,98575%$5,989Landscaping $10,000 $12,500Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments $2,500 $3,12575%$2,344Private Utilities NA NARecord Drawings $10,000 $12,50075%$9,375TOTALS $1,180,366 $1,475,458RELEASED AMOUNTS:$769,460 $327,758 $0 $0CUMMULATIVE AMOUNTS:$769,460 $1,097,218SECURITY AMOUNT REMAINING:$705,998 $378,239DATE:11/19/2019 7/6/2021REDUCTIONS