HomeMy WebLinkAbout#20 - Wildflower LOC Reduction STAFF REPORT
DATE: August 15, 2023
CONSENT
AGENDA ITEM: Approve Release of Warranty Security for Public Improvements for Wildflower 3rd 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 Wildflower 3rd Addition?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release development security for the Wildflower 3rd Addition. The 1-year warranty period for Wildflower 3rd Addition expired on July 6, 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. Wildflower 3rd Addition $ 299,014 $ 12,500 The remaining proposed security would remain in place for landscaping items.
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 Wildflower 3rd 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 Wildflower 3rd 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 – Wildflower 3rd Addition.
WILDFLOWER AT LAKE ELMO 3RD ADDITION Time of Performance: October 31, 2018DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Sanitary Sewer $104,206 $130,258100%$97,693 $32,565Watermain $149,310 $186,638100%$139,978 $46,660Streets & Sidewalks $641,144 $801,430100%$400,715 $200,358 $200,357Storm Sewer $209,718 $262,148100%$131,074 $65,537 $65,536Erosion Control $17,100 $21,375100%$16,031 $5,344Trails NA NAStreet Lighting $30,000 $37,500100%$28,125 $9,375Street Signs and Traffic Control Signs $6,388 $7,985100%$5,989 $1,996Landscaping $10,000 $12,500Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments $2,500 $3,125100%$2,344 $781Private Utilities NA NARecord Drawings $10,000 $12,500100%$9,375 $3,125TOTALS $1,180,366 $1,475,458RELEASED AMOUNTS:$769,460 $327,758 $79,225 $286,514 $0 $0CUMMULATIVE AMOUNTS:$769,460 $1,097,218 $1,176,443 $1,462,957SECURITY AMOUNT REMAINING:$705,998 $378,239 $299,014 $12,500DATE:11/19/2019 7/6/2021 1/4/2022 8/15/2023REDUCTIONS