HomeMy WebLinkAbout#09 - Boulder Ponds 5th St. Security ReductionDATE: December 7, 2021
CONSENT
AGENDA ITEM: Approve Release of Landscape Warranty Security for Boulder Ponds 5th Street. SUBMITTED BY: Molly Just, Planning Director REVIEWED BY: Sarah Harding, City Landscape Architect Marty Powers, Public Works Director Jack Griffin, City Engineer
ISSUE BEFORE COUNCIL: Should the City Council approve release of the remaining warranty security for landscaping improvements for Boulder Ponds 5th Street North? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the remaining development security in accordance with the development agreement relating to Boulder Ponds 5th Street North (included in 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 5th Street North $32,485.00 $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 Boulder Ponds 5th Street North, 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 5th Street North 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 5TH STREET NORTH Time of Performance: October 31, 2017DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5Grading NA NAIncluded in Boulder Ponds 1st AdditionSanitary Sewer $46,600 $58,250 $43,688 $14,563Watermain $64,000 $80,000 $60,000 $20,000Storm Sewer (w/pond structures) $97,300 $121,625 $91,219 $30,406Streets $287,700 $359,625 $269,719 $89,906Sidewalks/Trails $71,000 $88,750 $66,563 $22,188Surface Water Facilities NA NAStreet Lighting NA NAStreet Signs and Traffic Control Signs $11,600 $14,500 $10,875 $3,625Private Utilities (electricity, natural gas, telephone, and cable)NALandscaping $100,753 $125,941 $93,456 $32,485Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments NA NAErosion Control NA NAMiscellaneous Facilities NA NARecord Drawings NA NATOTALS $678,953 $848,691RELEASED AMOUNTS:$103,688 $360,938 $170,893 $180,688 $32,485CUMMULATIVE AMOUNTS:$103,688 $464,625 $635,518 $816,206 $848,691SECURITY AMOUNT REMAINING:$745,004 $384,066 $213,173 $32,485 $0DATE:2/21/2017 9/5/2017 7/17/2018 7/6/2021 12/7/2021REDUCTIONS