HomeMy WebLinkAbout#17 - HIdden Meadows 2nd Addition Security ReductionDATE: January 18, 2022
CONSENT
AGENDA ITEM: Approve Security Reduction for Hidden Meadows 2nd 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, Assistance City Engineer
ISSUE BEFORE COUNCIL: Should the City Council approve a security reduction for the Hidden Meadows 2nd Addition as itemized below? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the development security for the Hidden Meadows 2nd Addition. This request has been reviewed and the following reduction is being recommended for approval, 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:
Current Security Amount Proposed Security Amount 1. Hidden Meadows 2nd Addition: $ 2,230,607 $ 1,464,243 Work within the development has progressed in accordance with the development agreement and to the extent necessary to support a reduction in the security as detailed in this report. As part of this reduction the sanitary sewer and watermain improvements have been accepted and the 2-year warranty period will be initiated. 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. With this reduction, the remaining security
amount held by the City remains sufficient to complete the remaining improvements. RECOMMENDATION: Staff is recommending that the City Council approve, as part of the Consent
Agenda, the security reduction for the Hidden Meadows 2nd Addition as detailed in this report and supporting documentation, 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 security reduction for the Hidden Meadows 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: 1. Security Reduction Worksheet – Hidden Meadows 2nd Addition.
HIDDEN MEADOWS 2ND ADDITION Time of Performance: October 31, 2018DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading $125,000 $156,250Sanitary Sewer $107,890 $134,863 $101,147Watermain $292,113 $365,141 $273,856Storm Sewer (w/pond structures) $301,130 $376,413 $188,206Streets + Sidewalks $325,048 $406,310 $203,155Bituminous Trails $28,600 $35,750Surface Water Facilities $131,988 $164,984Street Lighting $36,000 $45,000Street Signs and Traffic Control Signs $8,600 $10,750Private Utilities (electricity, natural gas, telephone, and cable)Landscaping $185,000 $231,250Tree Preservation and Restoration NA NAWetland Mitigation and Buffers $9,000 $11,250Monuments $2,500 $3,125Erosion Control $80,247 $100,309Phase 2 Wastewater Disposal System $146,370 $182,963Record Drawings $5,000 $6,250TOTALS $1,784,485 $2,230,607RELEASED AMOUNTS:$766,364 $0 $0 $0 $0 $0CUMMULATIVE AMOUNTS:$766,364SECURITY AMOUNT REMAINING:$1,464,243DATE:1/18/2022REDUCTIONS