HomeMy WebLinkAbout#12 - Boulder Ponds 4th Security Release STAFF REPORT
DATE: November 8, 2023
CONSENT
AGENDA ITEM: Approve Release of Warranty Security for Public Utility Improvements for Boulder Ponds 4th 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 utility improvements for Boulder Ponds 4th Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the development security for the Boulder Ponds 4th Addition. The 2-year warranty period for the public utilities began on October 5, 2021. 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 utility security the overall development security may be reduced as shown below:
Current Security Amount Proposed Security Amount
1. Boulder Ponds 4th Addition: $47,316 $23,402
The remaining security is for landscaping items.
FISCAL IMPACT: Release of the warranty security closes out the public utility portion of 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 public utility warranty security for the Boulder Ponds 4th Addition. 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 Boulder Ponds 4th 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 – Boulder Pond 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%$10,425 $3,475Watermain $65,405 $81,75675%$61,317 $20,439Storm 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 $23,914 $0 $0 $0CUMMULATIVE AMOUNTS:$399,380 $440,816 $464,730SECURITY AMOUNT REMAINING:$88,752 $47,316 $23,402DATE:10/5/2021 6/20/2023 11/8/2023REDUCTIONS