HomeMy WebLinkAbout#08 - Savona 1st & 2nd Add Security Release STAFF REPORT
DATE: June 20, 2023
CONSENT
AGENDA ITEM: Approve Release of Warranty Security for Public Improvements for Savona 1st and 2nd Addition.
SUBMITTED BY: Jack Griffin, City Engineer
REVIEWED BY: Kristina Handt, City Administrator Marty Powers, Public Works Director Clarissa Hadler, Finance Director
Sophia Jensen, City Planner Chad Isakson, Assistant City Engineer
ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for public improvements for Savona 1st and 2nd Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the development security for Savona 1st and 2nd Addition. A warranty walk-through has been completed by city staff and all warranty punch list items have since been addressed by the developer. All work is completed
per the development agreement. With the release of the warranty security for public street improvements the overall development security
may be released in full. Current Security Amount Proposed Security Amount 1. Savona 1st Addition: $453,067 $0 2. Savona 2nd Addition: $385,004 $0
FISCAL IMPACT: Release of the warranty security closes out 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 improvements in Savona 1st and 2nd Addition, resulting in a full release of all remaining securities. 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 Savona 1st and 2nd Addition as detailed in the respective
Security Reduction Worksheets, 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 – Savona 1st Addition.
2. Security Reduction Worksheet – Savona 2nd Addition.
SAVONA 1ST ADDITION Time of Performance: October 31, 2015DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6 #7Grading $650,000 $812,500100%$812,500Sanitary Sewer $138,099 $172,624100%$86,312 $43,156 $43,156Watermain $155,927 $194,909100%$97,454 $48,727 $48,727Streets $763,387 $954,234100%$477,117 $238,558 $238,558Surface Water Facilities $493,703 $617,12975%$308,564 $154,282 $154,282Erosion Control $52,533 $65,66675%$32,833 $16,417 $16,417Sidewalks/Trails $119,642 $149,55375%$112,164 $37,388Street Lighting NA NABy Xcel EnergyStreet Signs and Traffic Control Signs $11,600 $14,50075%$7,250 $3,625 $3,625Landscaping $97,236 $121,545100%$91,159 $30,386Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NALOC Through VBWDMonuments $6,450 $8,06375%$6,047 $2,016Miscellaneous Facilities NA NARecord Drawings $2,500 $3,12575%$2,344 $781TOTALS $2,491,077 $3,113,846RELEASED AMOUNTS:$969,448 $1,295,189 $182,714 $91,883 $91,159 $30,386 $453,067CUMMULATIVE AMOUNTS:$969,448 $2,264,637 $2,447,351 $2,539,234 $2,630,393 $2,660,779 $3,113,846SECURITY AMOUNT REMAINING:$2,144,399 $849,210 $666,495 $574,612 $483,453 $453,067 $0DATE: 3/2/2016 12/20/2016 2/5/2019 9/3/201912/3/2019 5/2/2023 6/20/2023REDUCTIONS
SAVONA 2ND ADDITION Time of Performance: October 31, 2015DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading NA NA NASanitary Sewer $314,594 $393,243100%$196,621 $98,311 $98,311Watermain $485,172 $606,464100%$303,232 $151,616 $151,616Streets $614,836 $768,545100%$384,272 $192,136 $192,136Surface Water Facilities $471,332 $589,165100%$294,583 $147,291 $147,291Erosion Control $51,146 $63,933100%$31,966 $15,983 $15,983Sidewalks/Trails Included in Streets Included in StreetsStreet Lighting NA NABy Xcel EnergyStreet Signs and Traffic Control Signs Included in Streets Included in StreetsLandscaping $153,415 $191,769100%$143,827 $47,942Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NALOC Through VBWDMonuments $5,800 $7,250100%$5,438 $1,813Miscellaneous Facilities NA NARecord Drawings $2,500 $3,125100%$2,344 $781TOTALS $2,098,795 $2,623,494RELEASED AMOUNTS:$1,178,709 $474,029 $420,982 $143,827 $47,942 $358,004CUMMULATIVE AMOUNTS:$1,178,709 $1,652,738 $2,073,720 $2,217,547 $2,265,489 $2,623,494SECURITY AMOUNT REMAINING:$1,444,785 $970,756 $549,773 $405,947 $358,004 $0DATE: 3/2/2016 12/20/2016 9/3/201912/3/2019 5/2/2023 6/20/2023REDUCTIONS