HomeMy WebLinkAbout#25 - Inwood 1st & 2nd Security ReductionDATE: December 7, 2021
CONSENT AGENDA ITEM: Approve Release of Warranty Security for Inwood 1st and 2nd Additions.
SUBMITTED BY: Jack Griffin, City Engineer REVIEWED BY: Kristina Handt, City Administrator Molly Just, Planning Director
Marty Powers, Public Works Director Chad Isakson, Assistant City Engineer
ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for public improvements including street construction, concrete curb and gutter, storm sewer facilities, sidewalks, trails, materials and landscaping for the Inwood 1st and 2nd Additions?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the development security in accordance with the development agreement for Inwood 1st and 2nd Additions. The public improvements including street construction, concrete curb and gutter, storm sewer facilities, sidewalks, trails, materials and equipment were completed and accepted by the City on December 1, 2020 and the 1-year warranty period was initiated. Twenty-five percent (25%) of the original security was retained through the 1-year warranty period. A warranty walk-through has been completed by City staff and all warranty punch list items have been addressed by the Developer. In addition, the landscape improvements have been accepted and the 2-year warranty period has expired. 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.
With the release of the warranty security for public improvements and landscaping, the overall development security may be released in full. There is no remaining security for this phase of the development.
Current Security Amount Proposed Security Amount 1. Inwood 1st and 2nd Additions $670,719 $0.00
FISCAL IMPACT: Release of the warranty security brings the public improvements including street construction, concrete curb and gutter, storm sewer facilities, sidewalks, trails, materials and landscaping to a close. The operation and maintenance of these facilities becomes 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 warranty security for the public improvements and landscaping in Inwood 1st and 2nd Additions, resulting in a full release of security for these phases of the development. 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 security reductions for Inwood 1st and 2nd Additions 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:
1. Security Reduction Worksheet – Inwood 1st and 2nd Additions.
INWOOD 1ST AND 2ND ADDITIONS Time of Performance: July 1, 2016DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5Grading $314,000 NA$314,000Sanitary Sewer $412,585 $515,731.25100%$386,798 $128,933Watermain $510,249 $637,811.25100%$478,358 $159,453Streets $1,114,212 $1,392,765.0075%$696,383 $348,191 $348,191Surface Water Facilities $599,736 $749,670.0075%$374,835 $187,418 $187,418Erosion Control NA NAincluded in Grading AgreementSidewalks/Trails $212,175 $265,218.7575%$132,609 $66,305 $66,305Street Lighting NA NABy Xcel EnergyStreet Signs and Traffic Control Signs $18,705 $23,381.2575%$11,691 $5,845 $5,845Landscaping $97,236 $121,545.00100%$60,773 $60,773Tree Preservation and Restoration NA NAincluded in Grading AgreementWetland Mitigation and Buffers NA NALOC Through VBWDMonuments $5,000 $6,250.0075%$4,688 $1,563Miscellaneous Facilities NA NANoneRecord Drawings $2,000 $2,500.0075%$1,875 $625TOTALS $2,971,898$3,714,872.50RELEASED AMOUNTS:$2,080,674$535,609$288,386$453,485 $670,719CUMMULATIVE AMOUNTS:$2,080,674$2,616,283 $2,904,669 $3,358,154$4,028,873SECURITY AMOUNT REMAINING:$1,948,198 $1,412,589 $1,124,204$670,719 $0DATE:3/21/2017 9/19/2017 5/7/2019 12/1/2020 12/7/2021REDUCTIONS