HomeMy WebLinkAbout#10 - Boulder Ponds 3rd Add SecurityReductionDATE: December 7, 2021
CONSENT
AGENDA ITEM: Approve Landscaping Security Reduction for Boulder Ponds 3rd Addition.
SUBMITTED BY: Molly Just, Planning Director REVIEWED BY: Sarah Harding, City Landscape Architect Jack Griffin, City Engineer
ISSUE BEFORE COUNCIL: Should the City Council approve a landscaping security reduction for Boulder Ponds 3th Addition?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the landscaping security for Boulder Ponds 3rd 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. Boulder Ponds 3rd Addition $ 371,025 $ 273,973 The Boulder Ponds 3rd Addition landscaping has been accepted and the 2-year warranty has been initiated. Twenty-five percent (25%) of the original landscaping security amount will be retained until the warranty period has 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, approve the security reduction as detailed in the attached worksheet for the Boulder Ponds 3rd Addition, 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 landscaping security reduction as detailed in the attached worksheet for the
Boulder Ponds 3rd Addition, contingent on the developer being current with all other payments and obligations in accordance with the Development Agreement, including fulfilling the recent escrow request from the City”. ATTACHMENTS: Security Reduction Worksheet – Boulder Ponds 3rd Addition.
BOULDER PONDS 3RD ADDITION Time of Performance: October 31, 2019DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading $66,470 $83,088 $83,088Sanitary Sewer $101,852 $127,315 $95,486Watermain $130,412 $163,015 $122,261Storm Sewer (w/pond structures) $55,845 $69,806 $52,355Streets and Sidewalks $147,956 $184,945 $138,709Trails $18,275 $22,844 $17,133Surface Water Facilities $55,849 $69,811 $52,358Street Lighting $24,000 $30,000 $22,500Street Signs and Traffic Control Signs $738 $923 $692Private Utilities (electricity, natural gas, telephone, and cable)Landscaping $103,522 $129,403$97,052Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments $3,300 $4,125 $3,094Erosion Control $12,450 $15,563 $11,672Hudson Blvd. Turn Lanes $217,516 $271,895 $203,921Record Drawings $5,000 $6,250 $4,688TOTALS $943,185 $1,178,981RELEASED AMOUNTS:$300,835 $507,121$97,052CUMMULATIVE AMOUNTS:$300,835 $807,956 $905,008SECURITY AMOUNT REMAINING:$878,146 $371,025 $273,973DATE:3/5/2019 4/20/2021 12/7/2021REDUCTIONS