HomeMy WebLinkAbout#20 - Four Corners Security Release STAFF REPORT
DATE: December 6, 2022
CONSENT
AGENDA ITEM: Approve Release of Warranty Security for Public Improvements for Four Corners 1st Addition.
SUBMITTED BY: Jack Griffin, City Engineer
REVIEWED BY: Kristina Handt, City Administrator Marty Powers, Public Works Director Molly Just, Planning Director
Chad Isakson, Assistant City Engineer
ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for public improvements for Four Corners 1st Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the
development security for Four Corners 1st Addition. The 1-year warranty period for the public improvements including street construction, concrete curb and gutter, sidewalks and trails, materials and equipment began on September 21, 2021. 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 since been addressed by the developer.
With the release of the 1-year warranty security for public street improvements development security may be released. Current Security Amount Proposed Security Amount 1. Four Corners 1st Addition: $441,632 $257,034 FISCAL IMPACT: Release of the warranty security closes out the public street improvements part of the development. The operation and maintenance of the public facilities becomes the responsibility of the City going forward. The warranty period for the watermain and sanitary sewer will remain in effect together with a 25% utility warranty security until the 2-year warranty expiration on September 21, 2023. RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, approve the release of warranty security for public street improvements in Four Corners 1st Addition. 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 release for the Four Corners 1st Addition as detailed in the respective 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 – Four Corners 1st Addition.
FOUR CORNERS 1ST ADDITION Time of Performance: July 31, 2021DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading NA NASanitary Sewer $411,585 $514,48175%$385,861Watermain $403,925 $504,90675%$378,680Storm Sewer (w/pond structures) $148,706 $185,883100%$139,412 $46,471Streets + Sidewalks $350,555 $438,194100%$328,645 $109,548Bituminous Trails $16,864 $21,080100%$15,810 $5,270Surface Water Facilities $29,400 $36,750100%$27,563 $9,188Street Lighting NA NAStreet Signs and Traffic Control Signs $525 $656100%$492 $164Private Utilities (electricity, natural gas, telephone, and cable)Landscaping $7,000 $8,75075%$6,563Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments NA NAErosion Control $35,163 $43,954100%$32,965 $10,988Miscellaneous Facilities NA NARecord Drawings $9,498 $11,873100%$8,904 $2,968TOTALS $1,413,221 $1,766,526RELEASED AMOUNTS:$1,324,895 $184,597 $0 $0 $0 $0CUMMULATIVE AMOUNTS:$1,324,895 $1,509,492SECURITY AMOUNT REMAINING:$441,632 $257,034DATE:9/21/2021 12/6/2022REDUCTIONS