HomeMy WebLinkAbout#07 - Boulder Ponds 1st Addition Security ReductionDATE: October 5, 2021
CONSENT
AGENDA ITEM: Approve Release of Landscape Warranty Security for Boulder Ponds 1st Addition.
SUBMITTED BY: Molly Just, Planning Director
REVIEWED BY: Sarah Harding, City Landscape Architect
ISSUE BEFORE COUNCIL: Should the City Council approve release of the remaining warranty security for landscaping improvements for Boulder Ponds 1st Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the remaining development security in accordance with the development agreement for Boulder Ponds 1st Addition. The developer has installed all the required landscaping and the City’s landscape architect has verified that all the required landscaping is in and has reached the two-year warranty requirements. The landscape architects
completed a warranty walk-through and inspection of the development and all landscape-related warranty punch list items have been addressed by the Developer.
With the release of the remaining warranty security for public improvements (the landscaping improvements), the City may reduce the overall development security as follows:
Current Security Amount Proposed Security Amount 1. Boulder Ponds 1st Add. $66,969.00 $0.00 This action, if approved, will close out the public improvements for the development. FISCAL IMPACT: Release of the remaining warranty security brings the public improvements including streets, storm sewer facilities, sidewalks, trails, materials and equipment, and landscaping to a close. The operation and maintenance of the public facilities is 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 remaining warranty security for public improvements (the landscaping improvements) in Boulder Ponds 1st Addition, resulting in a reduction in overall security to $0.00. 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 proposed security reduction for the landscaping improvements in Boulder Ponds 1st Addition 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:
• Security Reduction Worksheet
BOULDER PONDS 1ST ADDITION Time of Performance: October 31, 2016DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading $116,600 $116,600100%$116,600Grading $68,194 $85,243100%$42,621 $42,621Sanitary Sewer $405,451 $506,813100%$380,110 $126,703Watermain $349,674 $437,092100%$327,819 $109,273Streets $1,084,327 $1,355,409100%$677,704 $338,852 $338,852Surface Water Facilities $721,027 $901,284100%$450,642 $225,321 $225,321Erosion Control $48,406 $60,508100%$45,381 $15,127Sidewalks/Trails Included in Streets Included in StreetsStreet Lighting NA NABy Xcel EnergyStreet Signs and Traffic Control Signs Included in Streets Included in StreetsLandscaping $204,302 $255,37875%$127,689 $60,719 $66,969Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NALOC Through VBWDMonuments $4,700 $5,875100%$4,406 $1,469Miscellaneous Facilities NA NARecord Drawings $2,500 $3,125100%$2,344 $781TOTALS $2,888,581 $3,727,326RELEASED AMOUNTS:$1,995,497 $606,794 $179,819 $60,719 $817,526 $66,969$881,371CUMMULATIVE AMOUNTS:$1,995,497 $2,602,291 $2,782,111 $2,842,830 $3,660,357 $3,727,326SECURITY AMOUNT REMAINING:$1,731,829 $1,125,035 $945,215 $884,496 $66,969 $0DATE:12/15/2015 8/2/2016 12/20/2016 7/17/2018 10/6/2020 10/5/2021REDUCTIONS