HomeMy WebLinkAbout#22 - Inwood 4th Security Reduction STAFF REPORT
DATE: December 6, 2022
CONSENT
AGENDA ITEM: Approve Release of Warranty Security for Public Improvements for Inwood 4th 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 Inwood 4th Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the
development security for Inwood 4th 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 October 19, 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. The remaining security is for landscaping improvements.
With the release of the 1-year warranty security for public street improvements the overall development security may be released as shown on the attached reduction form. Current Security Amount Proposed Security Amount 1. Inwood 4th Addition: $145,014 $10,000
FISCAL IMPACT: Release of the warranty security closes out the street improvements portion of the development. The operation and maintenance of the public 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 public street improvements in Inwood 4th Addition, resulting in a full release of all remaining securities except landscaping. 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 Inwood 4th 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 – Inwood 4th Addition.
INWOOD 4TH ADDITION October 31, 2017DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading NA NAIncluded in Overall Grading AgreementSanitary Sewer $86,227 $107,783.50 $80,838 $26,946Watermain $173,821 $217,276.25 $162,957 $54,319Storm Sewer $112,613 $140,766.25 $105,575 $35,192Streets and Sidewalks $285,312 $356,640.00 $267,480 $89,160Trails NA NASurface Water Facilities NA NAincluded in Grading AgreementStreet Lighting $24,000 $30,000.00By Xcel Energy$22,500 $7,500Street Signs and Traffic Control Signs $1,320 $1,650.00 $1,238 $413Private Utilities (electricity, natural gas, telephone, and cable)Landscaping $32,000 $40,000.00 $30,000Tree Preservation and Restoration NA NAincluded in Grading AgreementWetland Mitigation and Buffers NA NALOC Through VBWDMonuments $3,800 $4,750.00 $3,563 $1,188Erosion Control NA NAincluded in Grading AgreementMiscellaneous Facilities NA NANoneRecord Drawings $5,000 $6,250.00 $4,688 $1,563TOTALS $724,093 $905,116.00RELEASED AMOUNTS:$616,850 $81,265 $61,988 $135,014 $0 $0CUMMULATIVE AMOUNTS:$616,850 $698,114 $760,102 $895,116SECURITY AMOUNT REMAINING:$288,267 $207,002 $145,014 $10,000DATE:9/5/2017 12/17/2019 10/19/2021 12/6/2022REDUCTIONSTime of Performance: