HomeMy WebLinkAbout#10 - Lake Elmo Senior LIving Security Reduction STAFF REPORT
DATE: September 7, 2021
CONSENT
AGENDA ITEM: Approve Security Reduction for Lake Elmo Senior Living (Independent
Living)
SUBMITTED BY: Jack Griffin, City Engineer
REVIEWED BY: Kristina Handt, City Administrator Chad Isakson, Assistance City Engineer
ISSUE BEFORE COUNCIL: Should the City Council approve a security reduction for Lake Elmo Senior Living (Independent Living) as itemized below? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the development security for Lake Elmo Senior Living (Independent Living). 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. Lake Elmo Senior Living: $ 508,550 $ 252,300 Work within the development has progressed in accordance with the development agreement and to the
extent necessary to support a reduction in the security as detailed in this report. 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. With this reduction, the remaining security amount held by the City remains sufficient to complete the remaining improvements. RECOMMENDATION: Staff is recommending that the City Council approve, as part of the Consent Agenda, the security reduction for Lake Elmo Senior Living (Independent Living) as detailed in this report and supporting documentation, 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 security reduction for Lake Elmo Senior Living (Independent Living) 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. Security Reduction Worksheet – Lake Elmo Senior Living (Independent Living).
LAKE ELMO SENIOR LIVING Time of Performance: October 31, 2021DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading $205,000 $256,250100% $256,250Sanitary Sewer $99,700 $124,62575%$62,313 $31,156Watermain $115,000 $143,75075%$71,875 $35,938Storm Sewer (w/pond structures) $134,600 $168,25050%$84,125Street and Trail Cut at Entrance$10,000 $12,50050%$6,250Bituminous Trails NA NASurface Water Facilities NA NAStreet Lighting NA NAStreet Signs and Traffic Control Signs NA NAPrivate Utilities (electricity, natural gas, telepNA NALandscaping $46,865 $58,581Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments $1,000 $1,250Erosion Control $20,000 $25,000Record Drawings $8,000 $10,000TOTALS $640,165 $800,206RELEASED AMOUNTS:$224,563 $67,094 $256,250CUMMULATIVE AMOUNTS:$224,563 $291,656 $547,906SECURITY AMOUNT REMAINING:$575,644 $508,550 $252,300DATE: 1/19/2021 2/2/2021 9/7/2021REDUCTIONS