HomeMy WebLinkAbout#15 - Inwood 4th Addition Security ReductionDATE: October 19, 2021
CONSENT
AGENDA ITEM: Accept Improvements and Approve Security Reductions for Inwood 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 Inwood 4th Addition?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the improvements and reduce the development security for the Inwood 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. Inwood 4th Addition $ 207,002 $ 145,014 The Inwood 4th Addition warranty periods are identified on the attached Certificate of Completion. In addition, the landscaping has been accepted and the warranty period has been initiated. Twenty-five percent
(25%) of the original security amounts 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 Inwood 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 Inwood 4th Addition, contingent on the developer being current with all other payments and obligations in accordance with the Development Agreement, and including a positive
escrow balance as required by the City”. ATTACHMENTS:
1. Certificate of Completion – Inwood 4th Addition.
2. Security Reduction Worksheet – Inwood 4th Addition.
INWOOD 4TH ADDITION October 31, 2017DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading NA NAIncluded in Overall Grading AgreementSanitary Sewer $86,227 $107,783.50 $80,838 $26,946Watermain $173,821 $217,276.25 $162,957 $54,319Storm Sewer $112,613 $140,766.25 $105,575Streets and Sidewalks $285,312 $356,640.00 $267,480Trails NA NASurface Water Facilities NA NAincluded in Grading AgreementStreet Lighting $24,000 $30,000.00By Xcel Energy$22,500Street Signs and Traffic Control Signs $1,320 $1,650.00 $1,238Private Utilities (electricity, natural gas, telephone, and cable)Landscaping $32,000 $40,000.00 $30,000Tree Preservation and Restoration NA NAincluded in Grading AgreementWetland Mitigation and Buffers NA NALOC Through VBWDMonuments $3,800 $4,750.00 $3,563Erosion Control NA NAincluded in Grading AgreementMiscellaneous Facilities NA NANoneRecord Drawings $5,000 $6,250.00 $4,688TOTALS $724,093 $905,116.00RELEASED AMOUNTS:$616,850 $81,265 $61,988 $0 $0 $0CUMMULATIVE AMOUNTS:$616,850 $698,114 $760,102SECURITY AMOUNT REMAINING:$288,267 $207,002 $145,014DATE:9/5/2017 12/17/2019 10/19/2021REDUCTIONSTime of Performance: