HomeMy WebLinkAbout#12 - Hidden Meadows Security Release STAFF REPORT
DATE: February 6, 2024
CONSENT
AGENDA ITEM: Approve Release of Warranty Security for Public Improvements for
Hidden Meadows 2nd 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 Mike Rusenovich, Engineering Project Manager
ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for public improvements for the Hidden Meadows 2nd Addition?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the development security for Hidden Meadows 2nd Addition. The 2-year warranty period for Hidden Meadows 2nd Addition public watermain and private sanitary sewer expired on December 20, 2023. The 1-year warranty period for Hidden Meadows 2nd Addition public improvements, including street construction; storm sewer and surface water facilities; concrete curb and gutter; sidewalks and trails; materials; and equipment expired on January 18, 2024. Twenty-five percent (25%) of the original security was retained through the warranty periods. A warranty walk-through has been completed by city staff and all warranty punch list items have been addressed by the developer. With the release of the public improvement warranty securities for the project the overall development security may be reduced, as detailed in the attached worksheets and shown below. Current Security Amount Proposed Security Amount
1. Hidden Meadows 2nd Addition $ 472,849 $ 57,813 The remaining security amount 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 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 Hidden Meadows 2nd Addition. The release of security 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. If removed from the consent agenda, the recommended motion for the action is as follows:
“Move to approve the security release for the Hidden Meadows 2nd 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 – Hidden Meadows 2nd Addition.
HIDDEN MEADOWS 2ND ADDITION Time of Performance: October 31, 2018DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading $125,000 $156,250100% $156,250Sanitary Sewer $107,890 $134,863100%$101,147 $33,716Watermain $292,113 $365,141100%$273,856 $91,285Storm Sewer (w/pond structures) $301,130 $376,413100%$188,206 $94,103 $94,103Streets + Sidewalks $325,048 $406,310100%$203,155 $101,578 $101,578Bituminous Trails $28,600 $35,750100%$26,813 $8,938Surface Water Facilities $131,988 $164,984100%$123,738 $41,246Street Lighting $36,000 $45,000100%$33,750 $11,250Street Signs and Traffic Control Signs $8,600 $10,750100%$8,063 $2,688Private Utilities (electricity, natural gas, telephone, and cable)N/ALandscaping $185,000 $231,25075%$173,438Tree Preservation and Restoration NA NAN/AWetland Mitigation and Buffers $9,000 $11,250100%$8,438 $2,813Monuments $2,500 $3,125100%$2,344 $781Erosion Control $80,247 $100,309100%$75,231 $25,077Misc. NA NAN/ARecord Drawings $5,000 $6,250100%$4,688 $1,563TOTALS $1,638,115 $2,047,644RELEASED AMOUNTS:$766,364 $808,432 $415,036 $0 $0 $0CUMMULATIVE AMOUNTS:$766,364 $1,574,796 $1,989,832SECURITY AMOUNT REMAINING:$1,281,280 $472,849 $57,813DATE:1/18/2022 12/20/2022 2/6/2024REDUCTIONS