HomeMy WebLinkAbout#17 - Inwood 5th Security Reduction STAFF REPORT
DATE: September 21, 2021
CONSENT
AGENDA ITEM: Approve Release of Utility Warranty Security for Inwood 5th Addition SUBMITTED BY: Jack Griffin, City Engineer REVIEWED BY: Kristina Handt, City Administrator Marty Powers, Public Works Director Molly Just, Planning Director Chad Isakson, Assistant City Engineer
ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for public sanitary sewer and watermain for the Inwood 5th Addition?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the development security in accordance with the development agreement for the Inwood 5th Addition. The public improvements including sanitary sewer and watermain were completed and accepted by the City on March 6, 2018 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 since been addressed by the Developer. With the release of the 2-year warranty security for public sanitary sewer and watermain improvements the overall development security may be reduced as follows:
Current Security Amount Proposed Security Amount
• Inwood 5th Addition: $1,631,779 $1,367,574 FISCAL IMPACT: Release of the warranty security brings the public sanitary sewer and watermain improvements 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 the Inwood 5th Addition resulting in a reduction in overall security as detailed in the attached 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 release of the warranty security for public improvements including sanitary sewer and watermain for the Inwood 5th 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 – Inwood 5th Addition.
INWOOD 5TH ADDITION October 31, 2018DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading NA NAIncluded in Overall Grading AgreementSanitary Sewer $356,976 $446,220100%$223,110 $111,555 $111,555Watermain $488,479 $610,599100%$305,299 $152,650 $152,650Storm Sewer $189,979 $237,474 $118,737Streets and Sidewalks $673,595 $841,994 $420,997Trails $10,000 $12,500Surface Water Facilities $96,890 $121,113included in Grading AgreementStreet Lighting $66,000 $82,500By Xcel EnergyStreet Signs and Traffic Control Signs $8,850 $11,063Private Utilities (electricity, natural gas, telephone, and cable)Landscaping $180,000 $225,000Tree Preservation and Restoration NA NAWetland Mitigation and Buffers $2,250 $2,813Monuments $10,100 $12,625Erosion Control NA NAincluded in Grading AgreementTurn Lanes $283,182 $353,978Record Drawings $5,000 $6,250TOTALS $2,371,301 $2,964,127RELEASED AMOUNTS:$1,068,143 $264,205 $264,205 $0 $0 $0CUMMULATIVE AMOUNTS:$1,068,143 $1,332,348 $1,596,553SECURITY AMOUNT REMAINING:$1,895,983 $1,631,779 $1,367,574DATE:3/6/2018 1/15/2019 9/21/2021Time of Performance: REDUCTIONS