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STAFF REPORT <br />DATE: January 2, 2024 <br /> CONSENT <br /> <br />AGENDA ITEM: Approve Release of Warranty Security for Public Improvements for Inwood 5th <br />Addition. <br /> <br />SUBMITTED BY: Jack Griffin, City Engineer <br />REVIEWED BY: Clark Schroeder, Interim City Administrator Marty Powers, Public Works Director <br /> Clarissa Hadler, Finance Director <br /> Sophia Jensen, City Planner <br />Chad Isakson, Assistant City Engineer <br /> <br /> <br />ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for the public <br />improvements for Inwood 5th Addition? <br /> <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the <br />development security for Inwood 5th Addition. The 1-year warranty period for the public improvements <br />expired on June 21, 2023. Twenty-five percent (25%) of the original security was retained through the 1- <br />year warranty period. A warranty walk-through was completed by city staff and all warranty punch list <br />items have since been addressed by the developer. <br /> <br />With the release of the warranty security the overall development security may be reduced as shown below: Current Security Amount Proposed Security Amount <br />1. Inwood 5th Addition: $476,827 $56,250 <br /> <br />The remaining security is for landscaping items. <br /> <br />FISCAL IMPACT: Release of the warranty security closes out the public improvement portion of the <br />development. The operation and maintenance of the public facilities becomes the responsibility of the city <br />going forward. <br /> <br />RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, <br />approve the release of public improvement warranty security for Inwood 5th Addition. The release of <br />security is contingent on the developer being current with all payments and obligations in accordance with <br />the Development Agreement, including a positive escrow balance as may be required by the City. If <br />removed from the consent agenda, the recommended motion for the action is as follows: <br /> <br />“Move to approve the release of the warranty security for Inwood 5th Addition as detailed in the <br />respective Security Reduction Worksheet, contingent on the developer being current with all payments <br />and obligations in accordance with the Development Agreement, including a positive escrow balance <br />as may be required by the City” <br /> <br />ATTACHMENTS: <br />1. Security Reduction Worksheet – Inwood 5th Addition.