HomeMy WebLinkAbout#18 - Accept Four Corners 1st Addn Improvements STAFF REPORT
DATE: September 21, 2021
CONSENT
AGENDA ITEM: Accept Improvements, Approve Security Reductions, and Approve City Oversize Cost Reimbursements for Four Corners 1st Addition.
SUBMITTED BY: Jack Griffin, City Engineer REVIEWED BY: Kristina Handt, City Administrator Marty Powers, Public Works Director Sam Magureanu, Finance Director Chad Isakson, Assistant City Engineer
ISSUE BEFORE COUNCIL: Should the City Council accept the improvements, approve security reductions, and approve city oversize cost reimbursements for the Four Corners 1st Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the improvements, reduce the development security, and process city oversize cost reimbursements for the Four Corners 1st Addition. This request has been reviewed and is being recommended for approval in accordance with the approved Development Agreement, and 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: Oversize payments are recommended in the amounts of $70,150 for trunk watermain oversize costs,
$120,760 for trunk sanitary sewer oversize costs, and $18,200 for mill and overlay costs for Hudson Boulevard. The Development Security amount is recommended to be reduced as follows:
Current Security Amount Proposed Security Amount 1. Four Corners 1st Addition $ 1,324,895 $ 441,632 The Four Corners 1st Addition facilities are in the warranty period as identified on the attached Certificate of Completion. Twenty-five percent (25%) of the original security amount will be retained until the warranty period has expired on September 21, 2022 for all work relating to the Hudson Boulevard Improvements and September 21, 2023 for public sanitary sewer, watermain, sod, trees, and landscaping. 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, approve the security reductions as detailed in the attached worksheet, and
approve city oversize cost reimbursements as itemized above, for the Four Corners 1st Addition, all 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, approve the security reductions as detailed in the attached worksheet, and approve city oversize cost reimbursements as itemized above, for the Four Corners 1st
Addition, all contingent on the developer being current with all other payments and obligations in accordance with the Development Agreement, including fulfilling recent escrow request from City”.
ATTACHMENTS:
1. Certificate of Completion – Four Corners 1st Addition.
2. Security Reduction Worksheet – Four Corners 1st Addition.
FOUR CORNERS 1ST ADDITION Time of Performance: July 31, 2021DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading NA NASanitary Sewer $411,585 $514,48175%$385,861Watermain $403,925 $504,90675%$378,680Storm Sewer (w/pond structures) $148,706 $185,88375%$139,412Streets + Sidewalks $350,555 $438,19475%$328,645Bituminous Trails $16,864 $21,08075%$15,810Surface Water Facilities $29,400 $36,75075%$27,563Street Lighting NA NAStreet Signs and Traffic Control Signs $525 $65675%$492Private Utilities (electricity, natural gas, telephone, and cable)Landscaping $7,000 $8,75075%$6,563Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments NA NAErosion Control $35,163 $43,95475%$32,965Miscellaneous Facilities NA NARecord Drawings $9,498 $11,87375%$8,904TOTALS $1,413,221 $1,766,526RELEASED AMOUNTS:$1,324,895 $0 $0 $0 $0 $0CUMMULATIVE AMOUNTS:$1,324,895SECURITY AMOUNT REMAINING:$441,632DATE:9/21/2021REDUCTIONS