HomeMy WebLinkAbout#10 - Village Preserve 2nd Addition Security ReductionDATE: October 5, 2021
CONSENT
AGENDA ITEM: Approve Release of Landscape Warranty Security for Village Preserve 2nd 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 Village Preserve 2nd Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the remaining development security in accordance with the development agreement for Village Preserve 2nd 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. Village Preserve 2nd Add. $32,954 $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 Village Preserve 2nd 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 Village Preserve 2nd 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
VILLAGE PRESERVE 2ND ADDITION Time of Performance: October 31, 2016DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6 #7 #8 #9Grading $60,786 $75,983 $75,983.Sanitary Sewer $60,734 $75,918 $56,938 $18,979Watermain $120,071 $150,089 $112,567 $37,522Storm Sewer (w/pond structures) $41,671 $52,089 $26,044 $13,022 $13,022Streets $219,972 $274,965 $137,483 $68,741 $68,741Sidewalks/Trails $58,525 $73,156 $54,867 $18,289Surface Water Facilities NA NAStreet Lighting $36,000 $45,000 $33,750 $11,250Street Signs and Traffic Control Signs $2,540 $3,175 $2,381 $794Private Utilities (electricity, natural gas, telephone, and cable)$0Landscaping $26,745 $33,431$25,073 $8,358Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments $4,500 $5,625 $4,219 $1,406Erosion Control $18,525 $23,156 $17,367$5,789Miscellaneous Facilities NA NARecord Drawings $2,500 $3,125 $2,344 $781TOTALS $652,569 $815,712RELEASED AMOUNTS:$333,032 $75,983 $81,763 $114,928 $25,073 $95,995 $56,502 $24,078 $8,359$184,932CUMMULATIVE AMOUNTS:$333,032 $409,014 $490,778 $605,706 $630,779 $726,774 $783,275 $807,353 $815,712SECURITY AMOUNT REMAINING:$482,681 $406,698 $324,935 $210,007 $184,933 $88,939 $32,437 $8,359 $0DATE: 2/21/2017 5/16/2017 10/17/2017 12/19/2017 11/20/2018 1/15/2019 3/5/20196/18/2019 10/5/2021REDUCTIONS