HomeMy WebLinkAbout#06 - ISD 834 Bus Facility Security ReductionDATE: October 5, 2021
CONSENT
AGENDA ITEM: Accept Improvements and Approve Security Reductions for ISD #834 (Stillwater) Bus Facility.
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 ISD #834 (Stillwater) Bus Facility?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the improvements and reduce the development security for the ISD #834 (Stillwater) Bus Facility. This request has been reviewed and is being recommended for approval in accordance with the approved Site Improvement Agreement. The Site Improvement Security amount is recommended to be reduced as follows:
Current Security Amount Proposed Security Amount 1. ISD #834 (Stillwater) Bus Facility $ 206,250 $ 89,063 The ISD #834 (Stillwater) Bus Facility 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 October 5, 2023 for public watermain. The remaining security amount is related to the landscape 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 as detailed in the attached worksheet for the ISD #834 (Stillwater) Bus Facility, contingent on the developer being current with all other payments and obligations in accordance with the Site Improvement 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 ISD #834 (Stillwater) Bus Facility, contingent on the developer being current with all other payments and obligations in accordance with the Site Improvement Agreement, including a positive escrow balance as required by the City”.
ATTACHMENTS:
1. Certificate of Completion – ISD #834 (Stillwater) Bus Facility.
2. Security Reduction Worksheet – ISD #834 (Stillwater) Bus Facility.
ISD #834 STILLWATER BUS FACILITY Time of Performance: December 1, 2019SITE IMPROVEMENT AGREEMENT AMOUNTSCATEGORY 100% REMARKS #1 #2 #3 #4 #5 #6Grading NASanitary Sewer NAWatermain $156,25075%$117,188Storm Sewer (w/pond structures) NAStreet and Trail Cut at EntranceNABituminous Trails NASurface Water Facilities NAStreet Lighting NAStreet Signs and Traffic Control Signs NAPrivate Utilities (electricity, natural gas, telepNALandscaping $50,000Tree Preservation and Restoration NAWetland Mitigation and Buffers NAMonuments NAErosion Control NARecord Drawings NATOTALS $206,250RELEASED AMOUNTS:$117,188CUMMULATIVE AMOUNTS:$117,188SECURITY AMOUNT REMAINING:$89,063DATE: 10/5/2021REDUCTIONS