HomeMy WebLinkAbout#07 - Inwood 5th Addition Security Release STAFF REPORT
DATE: January 2, 2024
CONSENT
AGENDA ITEM: Approve Release of Warranty Security for Public Improvements for Inwood 5th
Addition.
SUBMITTED BY: Jack Griffin, City Engineer
REVIEWED BY: Clark Schroeder, Interim 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 the public
improvements for Inwood 5th Addition?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the
development security for Inwood 5th Addition. The 1-year warranty period for the public improvements
expired on June 21, 2023. Twenty-five percent (25%) of the original security was retained through the 1-
year warranty period. A warranty walk-through was completed by city staff and all warranty punch list
items have since been addressed by the developer.
With the release of the warranty security the overall development security may be reduced as shown below: Current Security Amount Proposed Security Amount
1. Inwood 5th Addition: $476,827 $56,250
The remaining security is for landscaping items.
FISCAL IMPACT: Release of the warranty security closes out the public improvement 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 improvement warranty security for Inwood 5th Addition. The release of
security is contingent on the developer being current with all 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 release of the warranty security for Inwood 5th Addition as detailed in the
respective Security Reduction Worksheet, contingent on the developer being current with all 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 – Inwood 5th Addition.
INWOOD 5TH ADDITION October 31, 2018DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading NA NAIncluded in Overall Grading AgreementSanitary Sewer $356,976 $446,220100%$223,110 $111,555 $111,555Watermain $488,479 $610,599100%$305,299 $152,650 $152,650Storm Sewer $189,979 $237,47475%$118,737 $59,369 $59,369Streets and Sidewalks $673,595 $841,99475%$420,997 $210,498 $210,498Trails $10,000 $12,50075%$9,375 $3,125Surface Water Facilities $96,890 $121,11375%$90,834 $30,278Street Lighting $66,000 $82,50075%$61,875 $20,625Street Signs and Traffic Control Signs $8,850 $11,06375%$8,297 $2,766Private Utilities (electricity, natural gas, telephone, and cable)Landscaping $180,000 $225,0000%$168,750Tree Preservation and Restoration NA NAWetland Mitigation and Buffers $2,250 $2,81375%$2,109 $703Monuments $10,100 $12,62575%$9,469 $3,156Erosion Control NA NAincluded in Grading AgreementTurn Lanes $283,182 $353,97875%$265,483 $88,494Record Drawings $5,000 $6,25075%$4,688 $1,563TOTALS $2,371,301 $2,964,127RELEASED AMOUNTS:$1,068,143 $264,205 $264,205 $890,747 $420,577 $0CUMMULATIVE AMOUNTS:$1,068,143 $1,332,348 $1,596,553 $2,487,300 $2,907,877SECURITY AMOUNT REMAINING:$1,895,983 $1,631,779 $1,367,574 $476,827 $56,250DATE:3/6/2018 1/15/2019 9/21/2021 6/21/2022 1/2/2024Time of Performance: REDUCTIONS