HomeMy WebLinkAbout#07 - Boulder Ponds 4th Add Security Release STAFF REPORT
DATE: June 20, 2023
CONSENT
AGENDA ITEM: Approve Release of Warranty Security for Public Improvements for Boulder Ponds 4th Addition.
SUBMITTED BY: Jack Griffin, City Engineer REVIEWED BY: Kristina Handt, City Administrator Sophia Jensen, City Planner Marty Powers, Public Works Director Clarissa Hadler, Finance Director Chad Isakson, Assistant City Engineer
ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for public improvements for the Boulder Ponds 4th Addition?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release development security for the Boulder Ponds 4th Addition. The 1-year warranty period for Boulder Ponds 4th Addition expired on October 5, 2022. A warranty walk-through has been completed by city staff and all warranty punch list items have since been addressed by the developer. Current Security Amount Proposed Security Amount 1. Boulder Ponds 4th Addition $ 88,752 $ 47,316 The remaining proposed security would remain in place for the utility and landscaping warranty period.
FISCAL IMPACT: Release of the warranty security closes out the public improvements portion of the development. 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 public improvements in Boulder Ponds 4th 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 approve the security release for the Boulder Ponds 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 – Boulder Ponds 4th Addition.
BOULDER PONDS 4TH ADDITION Time of Performance: October 31, 2019DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading $106,500 $133,125100%$133,125Sanitary Sewer $11,120 $13,90075%$10,425Watermain $65,405 $81,75675%$61,317Storm Sewer (w/pond structures) $79,300 $99,125100%$74,344 $24,781Streets and Sidewalks $28,995 $36,244100%$27,183 $9,061Trails NA NASurface Water Facilities NA NAStreet Lighting NA NAStreet Signs and Traffic Control Signs NA NAPrivate Utilities (electricity, natural gas, telephone, and cable)NALandscaping $74,885 $93,60675%$70,205Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments $0 $0Erosion Control $19,300 $24,125100%$18,094 $6,031Record Drawings $5,000 $6,250100%$4,688 $1,563TOTALS $390,505 $488,131RELEASED AMOUNTS:$399,380 $41,436$0$0 $0 $0CUMMULATIVE AMOUNTS:$399,380 $440,816SECURITY AMOUNT REMAINING:$88,752 $47,316DATE:10/5/2021 6/20/2023REDUCTIONS