HomeMy WebLinkAbout#09 - Hammes 3rd Add Security Release STAFF REPORT
DATE: June 20, 2023
CONSENT
AGENDA ITEM: Approve Release of Warranty Security for Public Improvements for Hammes Estates 3rd 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 Hammes Estates 3rd Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the development security for Hammes Estates 3rd 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 November 17, 2020. 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 the overall development security may be released in full.
Current Security Amount Proposed Security Amount 1. Hammes Estates 3rd Addition: $318,252 $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 street in Hammes Estates 3rd 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 Hammes Estates 3rd 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 – Hammes Estates 3rd Addition.
HAMMES 3RD ADDITION Time of Performance: October 31, 2018DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading NA NAIncluded in Phase 1Sanitary Sewer $384,246 $480,307 $360,230 $120,077Watermain $503,893 $629,866 $472,399 $157,466Storm Sewer (w/pond structures) $360,855 $451,068 $225,534 $112,767 $112,768Streets + Sidewalks $500,959 $626,199 $313,099 $156,550 $156,550Bituminous Trails $48,972 $61,215 $45,911 $15,304Surface Water Facilities NA NAStreet Lighting $48,000 $60,000 $45,000 $15,000Street Signs and Traffic Control Signs $3,100 $3,875 $2,906 $969Private Utilities (electricity, natural gas, telephone, and cable)Landscaping $212,300 $265,375 $265,375Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments $6,900 $8,625 $6,469 $2,157Erosion Control $44,616 $55,770 $41,828 $13,942Miscellaneous Facilities NA NARecord Drawings $5,000 $6,250 $4,688 $1,562TOTALS $2,118,840 $2,648,551RELEASED AMOUNTS:$1,371,263 $416,118 $542,918 $318,252 $0 $0CUMMULATIVE AMOUNTS:$1,371,263 $1,787,382 $2,330,300 $2,648,552SECURITY AMOUNT REMAINING:$1,277,288 $861,170 $318,252 $0DATE:3/17/2020 11/17/2020 2/7/2023 6/20/2023REDUCTIONS