HomeMy WebLinkAbout#08 - Wildflower Security Reduction STAFF REPORT
DATE: December 5, 2023
CONSENT
AGENDA ITEM: Approve Security Reduction for Wildflower 4th 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 Mike Rusenovich, Engineering Project Manager
ISSUE BEFORE COUNCIL: Should the City Council approve a security reduction for the Wildflower
4th Addition as itemized below? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the
development security for the Wildflower 4th Addition. Work within the development has progressed in accordance with the development agreement and to the extent necessary to support a reduction in the security as detailed in this report. This request has been reviewed and is being recommended for approval in accordance with Section 37.D. of the subdivision’s Development Agreement, consisting of a one-time 50% reduction in the security for streets, sidewalks and storm sewer improvements. Approval of this reduction is contingent on the developer having a positive escrow balance in the minimum amount required by the city, and the developer being current with all payments and obligations required by the Development Agreement. The Development Security amount is recommended to be reduced as follows: Current Security Amount Proposed Security Amount 1. Wildflower 4th Addition: $2,179,838 $ 1,255,357
FISCAL IMPACT: It is the City’s goal to retain at all times during the subdivision improvements a security amount that is adequate to ensure completion of all elements of the improvements as protection to
the City tax payers against the potential of developer default. RECOMMENDATION: Staff is recommending that the City Council approve, as part of the Consent
Agenda, the security reduction for Wildflower 4th Addition as detailed in this report and supporting documentation. If removed from the consent agenda, the recommended motion for the action is as follows:
“Move to approve the security reduction for Wildflower 4th Addition as detailed in the attached
Security Reduction Worksheet, contingent on the developer being current with all other payments, obligations and escrow balances as required by the Development Agreement.” ATTACHMENTS:
1. Security Reduction Worksheet – Wildflower 4th Addition.
WILDFLOWER AT LAKE ELMO 4TH ADDITION Time of Performance: August 31, 2022DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Sanitary Sewer $257,538 $321,92375%$241,442Watermain $218,620 $273,27575%$204,956Streets & Sidewalks $1,240,903 $1,551,12950%$775,564Storm Sewer $238,267 $297,83450%$148,917Erosion Control $38,975 $48,719Surface Water Facilities (BMPs) $12,460 $15,575Trails $50,907 $63,634Street Lighting $24,000 $30,000Street Signs and Traffic Control Signs $5,219 $6,524Landscaping $5,000 $6,250Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments $4,100 $5,125Private Utilities NA NARecord Drawings $5,000 $6,250TOTALS $2,100,989 $2,626,236RELEASED AMOUNTS:$446,398 $924,481CUMMULATIVE AMOUNTS:$446,398 $1,370,879SECURITY AMOUNT REMAINING:$2,179,838 $1,255,357DATE:1/17/2023 12/5/2023REDUCTIONS