HomeMy WebLinkAbout#13 - HIdden Meadows Security Reduction STAFF REPORT
DATE: December 20, 2022
CONSENT
AGENDA ITEM: Accept Improvements and Approve Security Reductions 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 Chad Isakson, Assistant City Engineer
ISSUE BEFORE COUNCIL: Should the City Council accept the improvements and approve security reductions for the Hidden Meadows 2nd Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the improvements and reduce the development security for the Hidden Meadows 2nd Addition. This request has been reviewed and is being recommended for approval in accordance with the approved Development Agreement, and 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. The Development Security amount is recommended to be reduced as follows: Current Security Amount Proposed Security Amount 1. Hidden Meadows 2nd Addition $ 1,281,280 $ 472,849 The Hidden Meadows 2nd Addition facilities are in the warranty period as identified on the attached
Certificate of Completion. Twenty-five percent (25%) of the original security amount will be retained until the warranty periods have 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, accept the improvements and approve the security reductions as detailed in the attached worksheet for the Hidden Meadows 2nd Addition, all 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 accept the improvements and approve the security reductions as detailed in the attached
worksheet for the Hidden Meadows 2nd Addition, all contingent on the developer being current with all other payments and obligations in accordance with the Development Agreement.” ATTACHMENTS:
1. Certificate of Completion – Hidden Meadows 2nd Addition.
2. Security Reduction Worksheet – Hidden Meadows 2nd Addition.
CERTIFICATE OF COMPLETION
DATE OF ISSUANCE: DECEMBER 20, 2022
OWNER: CITY OF LAKE ELMO, MN
DEVELOPER: RM Investments, LLC
SUBDIVISION
NAME: HIDDEN MEADOWS 2ND ADDITION
PROJECT NO.: 2016.127
This Certification of Completion applies to all work under the Development Agreement
This Certification of Completion applies to the following specified parts of the Development
Agreement
Section 34.A – Public sewer and watermain
Section 34.B – Public improvements related to street construction including concrete curb and
gutter, trails, materials and equipment.
I do hereby certify that the work to which this Certificate applies has been constructed in accordance
with the Development Agreement dated December 20, 2017. The above-mentioned improvement
is hereby declared to be complete and acceptance of this work is recommended.
DATE OF COMPLETION: December 20, 2022
Chad Isakson Reg. No. 49028
FOCUS Engineering, inc.
Section 34.A Warranty Period Begins January 18, 2022 and ends January 18, 2024
Section 34.B Warranty Period Begins December 20, 2022 and ends December 20, 2023
HIDDEN MEADOWS 2ND ADDITION Time of Performance: October 31, 2018DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading $125,000 $156,250$156,250Sanitary Sewer $107,890 $134,863 $101,147Watermain $292,113 $365,141 $273,856Storm Sewer (w/pond structures) $301,130 $376,413 $188,206 $94,103Streets + Sidewalks $325,048 $406,310 $203,155 $101,578Bituminous Trails $28,600 $35,750 $26,813Surface Water Facilities $131,988 $164,984 $123,738Street Lighting $36,000 $45,000 $33,750Street Signs and Traffic Control Signs $8,600 $10,750 $8,063Private Utilities (electricity, natural gas, telephone, and cable)Landscaping $185,000 $231,250 $173,438Tree Preservation and Restoration NA NAWetland Mitigation and Buffers $9,000 $11,250 $8,438Monuments $2,500 $3,125 $2,344Erosion Control $80,247 $100,309 $75,231Misc. NA NARecord Drawings $5,000 $6,250 $4,688TOTALS $1,638,115 $2,047,644RELEASED AMOUNTS:$766,364 $808,432 $0 $0 $0 $0CUMMULATIVE AMOUNTS:$766,364 $1,574,796SECURITY AMOUNT REMAINING:$1,281,280 $472,849DATE:1/18/2022 12/20/2022REDUCTIONS