HomeMy WebLinkAbout#07 - Four Corners Security Release STAFF REPORT
DATE: October 3, 2023
CONSENT
AGENDA ITEM: Approve Release of Warranty Security for Public Improvements for Four Corners 1st 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 Four Corners 1st Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the development security for Four Corners 1st Addition. The 2-year warranty period for the public sanitary sewer and watermain and sod, trees, and landscaping began on September 21, 2023. Twenty-five percent (25%) of the original security was retained through the 2-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 2-year warranty security for public sanitary sewer and watermain and sod, trees, and landscaping the overall development security may be released in full.
Current Security Amount Proposed Security Amount 1. Four Corners 1st Addition: $257,034 $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 Four Corners 1st 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 may be 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 Four Corners 1st 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
may be required by the City”
ATTACHMENTS: 1. Security Reduction Worksheet – Four Corners 1st Addition.
FOUR CORNERS 1ST ADDITION Time of Performance: July 31, 2021DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading NA NASanitary Sewer $411,585 $514,48175%$385,861 $128,620Watermain $403,925 $504,90675%$378,680 $126,227Storm Sewer (w/pond structures) $148,706 $185,883100%$139,412 $46,471Streets + Sidewalks $350,555 $438,194100%$328,645 $109,548Bituminous Trails $16,864 $21,080100%$15,810 $5,270Surface Water Facilities $29,400 $36,750100%$27,563 $9,188Street Lighting NA NAStreet Signs and Traffic Control Signs $525 $656100%$492 $164Private Utilities (electricity, natural gas, telephone, and cable)Landscaping $7,000 $8,75075%$6,563 $2,188Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments NA NAErosion Control $35,163 $43,954100%$32,965 $10,988Miscellaneous Facilities NA NARecord Drawings $9,498 $11,873100%$8,904 $2,968TOTALS $1,413,221 $1,766,526RELEASED AMOUNTS:$1,324,895 $184,597 $257,034 $0 $0 $0CUMMULATIVE AMOUNTS:$1,324,895 $1,509,492 $1,766,526SECURITY AMOUNT REMAINING:$441,632 $257,034 $0DATE:9/21/2021 12/6/2022 10/3/2023REDUCTIONS