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STAFF REPORT <br />DATE: January 2, 2024 <br /> CONSENT <br /> <br />AGENDA ITEM: Accept Improvements and Approve Security Reductions for the Launch <br />Crossroads First Addition <br /> SUBMITTED BY: Jack Griffin, City Engineer <br />REVIEWED BY: Clark Schroeder, Interim City Administrator <br /> Sophia Jensen, City Planner Marty Powers, Public Works Director <br /> Clarissa Hadler, Finance Director <br /> Chad Isakson, Assistant City Engineer <br /> <br /> <br />ISSUE BEFORE COUNCIL: Should the City Council accept the improvements and approve security <br />reductions for the Launch Crossroads First Addition? <br /> <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the <br />improvements and reduce the development security for Launch Crossroads First Addition. This request has <br />been reviewed and is being recommended for approval in accordance with the approved Development <br />Agreement. Approval of this reduction is contingent on the developer having a positive escrow balance in <br />the minimum amount required by the city, and the developer being current with all payments and <br />obligations required by the Development Agreement. The Development Security amount is recommended <br />to be reduced as follows: <br /> <br /> Current Security Amount Proposed Security Amount <br />1. Launch Crossroads First Addition $ 3,460,753 $ 1,041,043 <br /> <br />The warranty periods for the Subdivision’s public improvements will be initiated as outlined on the attached <br />Certificate of Completion. Twenty-five percent (25%) of the original security amount will be retained until <br />the applicable warranty periods have expired and all warranty corrective work has been completed. <br /> <br />FISCAL IMPACT: It is the City’s goal to retain at all times during the subdivision improvements a <br />security amount that is adequate to ensure completion of all elements of the improvements as protection to <br />the city tax payers against the potential of developer default. <br /> <br />RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, <br />accept the improvements and approve the security reductions as detailed in the attached respective <br />worksheets for Launch Crossroads First Addition, contingent on the developer being current with all <br />payments and obligations in accordance with the Development Agreement, including a positive escrow <br />balance as required by the City. If removed from the consent agenda, the recommended motion for the <br />action is as follows: <br /> <br />“Move to accept the improvements and approve the security reductions as detailed in the attached <br />respective worksheets for Launch Crossroads First Addition, contingent on the developer being current <br />with all payments and obligations in accordance with the Development Agreement.” <br /> <br />ATTACHMENTS: <br />1. Certificate of Completion – Launch Crossroads First Addition. <br />2. Security Reduction Worksheet – Launch Crossroads First Addition.