HomeMy WebLinkAbout#13 - Wildflower 4th Security Redcution STAFF REPORT
DATE: January 2, 2024
CONSENT
AGENDA ITEM: Approve Security Reduction for Wildflower 4th Addition
SUBMITTED BY: Jack Griffin, City Engineer
REVIEWED BY: Clark Schroeder, Interim City Administrator
Sophia Jensen, City Planner
Marty Powers, Public Works Director
Clarissa Hadler, Finance Director
Chad Isakson, Assistant City Engineer
Mike Rusenovich, Project Engineer
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. This request has been reviewed and is being
recommended for approval in accordance with Section 37.B.2. of the subdivision’s Development
Agreement. 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: $1,255,357 $ 793,116
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.
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 $1,551,12975%$775,564 $387,782Storm Sewer $238,267 $297,83475%$148,917 $74,458Erosion 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 $924,481 $462,241CUMMULATIVE AMOUNTS:$446,398 $1,370,879 $1,833,120SECURITY AMOUNT REMAINING:$2,179,838 $1,255,357 $793,116DATE:1/17/2023 12/5/2023 1/2/2024REDUCTIONS