HomeMy WebLinkAbout#05 - Boulder Ponds Senior Living Security ReductionDATE: October 5, 2021
CONSENT
AGENDA ITEM: Accept Improvements and Approve Security Reductions for Boulder Ponds 4th Addition.
SUBMITTED BY: Jack Griffin, City Engineer REVIEWED BY: Kristina Handt, City Administrator Molly Just, Planning Director Marty Powers, Public Works Director Sam Magureanu, Finance Director Chad Isakson, Assistant City Engineer
ISSUE BEFORE COUNCIL: Should the City Council accept the improvements and approve security reductions for the Boulder Ponds 4th Addition?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the improvements and reduce the development security for the Boulder Ponds 4th Addition. This request has been reviewed and is being recommended for approval in accordance with the approved Development Agreement: The Development Security amount is recommended to be reduced as follows: Current Security Amount Proposed Security Amount 1. Boulder Ponds 4th Addition $ 488,131 $ 88,752 The Boulder Ponds 4th Addition facilities are in the warranty period as identified on the attached Certificate of Completion. In addition, the landscaping has been accepted and the 2-year warranty has been initiated.
Twenty-five percent (25%) of the original security amount will be retained until the warranty periods have expired. 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 as detailed in the attached worksheet for the Boulder Ponds 4th 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 and approve the security reductions as detailed in the attached
worksheet for the Boulder Ponds 4th Addition, contingent on the developer being current with all other payments and obligations in accordance with the Development Agreement, including fulfilling the recent escrow request from the City”. ATTACHMENTS:
1. Certificate of Completion – Boulder Ponds 4th Addition.
2. Security Reduction Worksheet – Boulder Ponds 4th Addition.
BOULDER PONDS 4TH ADDITION Time of Performance: October 31, 2019DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading $106,500 $133,125100%$133,125Sanitary Sewer $11,120 $13,90075%$10,425Watermain $65,405 $81,75675%$61,317Storm Sewer (w/pond structures) $79,300 $99,12575%$74,344Streets and Sidewalks $28,995 $36,24475%$27,183Trails NA NASurface Water Facilities NA NAStreet Lighting NA NAStreet Signs and Traffic Control Signs NA NAPrivate Utilities (electricity, natural gas, telephone, and cable)NALandscaping $74,885 $93,60675%$70,205Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments $0 $0Erosion Control $19,300 $24,12575%$18,094Record Drawings $5,000 $6,25075%$4,688TOTALS $390,505 $488,131RELEASED AMOUNTS:$399,380 $0 $0 $0CUMMULATIVE AMOUNTS:$399,380SECURITY AMOUNT REMAINING:$88,752DATE:10/5/2021REDUCTIONS