HomeMy WebLinkAbout#06 - Royal Golf 2nd Addition Security ReductionDATE: November 16, 2021
CONSENT
AGENDA ITEM: Approve Release of Landscape Warranty Security for Royal Golf 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 Royal Golf 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 Royal Golf 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 developer’s request is included as an attachment. 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. The landscape architect’s approval is also included as an attachment.
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. Royal Golf 2nd Addition $101,406.00 $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 storm sewer facilities 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 Royal Golf 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 Royal Golf 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
• Security Release Request
• Royal Golf 2nd Addition Landscape Warranty Final Inspection
ROYAL GOLF CLUB 2ND ADDITION October 31, 2018
DEVELOPMENT AGREEMENT AMOUNTS
CATEGORY CONSTRUCTION 125%REMARKS #1 #2 #3 #4 #5 #6 #7
Grading NA NA Included in Overall Grading Agreement
Sanitary Sewer $216,439 $270,549 75%$202,911 $67,637
Watermain $514,590 $643,238 75%$482,428 $160,809
Storm Sewer $409,749 $512,186 100%$256,093 $128,047 $128,047
Streets and Sidewalks $998,255 $1,247,818 100%$623,909 $311,955 $311,955
Trails $72,670 $90,838 100%$68,128 $22,709
Surface Water Facilities NA NA included in Grading Agreement
Street Lighting $30,000 $37,500 100%$28,125 $9,375
Street Signs and Traffic Control Signs $4,235 $5,294 100%$3,970 $1,323
Landscaping $324,500 $405,625 100%$304,219 $101,406
Tree Preservation and Restoration NA NA included in Grading Agreement
Wetland Mitigation and Buffers NA NA included in Grading Agreement
Monuments $7,300 $9,125 100%$6,844 $2,281
Erosion Control NA NA included in Grading Agreement
Turn Lanes NA NA By County
Record Drawings $8,000 $10,000 100%$7,500 $2,500
TOTALS $2,585,737 $3,232,172 RELEASED AMOUNTS:$685,340 $880,002 $304,219 $554,568 $478,190 $228,447 $101,406
CUMMULATIVE AMOUNTS:$685,340 $1,565,342 $1,869,561 $2,424,129 $2,902,319 $3,130,766 $3,232,172
SECURITY AMOUNT REMAINING:$2,546,832 $1,666,830 $1,362,611 $808,043 $329,853 $101,406 $0
DATE:1/15/2019 7/2/2019 11/5/2019 12/17/2019 1/5/2021 4/6/2021 11/16/2021
Time of Performance:
REDUCTIONS