HomeMy WebLinkAbout#13 - Easton Village 2nd and 3rd Addition Security Release STAFF REPORT
DATE: February 6, 2024
CONSENT
AGENDA ITEM: Approve Release of Mass Grading Security and Warranty Security for Easton Village 2nd and 3rd Additions
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
ISSUE BEFORE COUNCIL: Should the City Council approve release of the Mass Grading Security and Warranty Security for Easton Village 2nd and 3rd Additions?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release all warranty securities for Easton Village 2nd and 3rd Addition along with an Easton Village mass grading security. These
requests have been reviewed and are being recommended for approval in accordance with the approved Development Agreements. Each approval 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. The Development Security amounts are recommended to be reduced as follows: Current Security Amount Proposed Security Amount 1. Easton Village 2nd Addition $ 127,754 $ 0 2. Easton Village 3rd Addition $ 137,707 $ 0 3. Easton Village Mass Grading $ 66,600 $ 0 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. Release of the security closes out the public improvements for each development phase. The operation and maintenance of these facilities become the responsibility of the city going forward.
RECOMMENDATION: Staff is recommending that the City Council approve, as part of the Consent Agenda, the release of warranty securities as detailed in the attached respective worksheets for the Easton
Village 2nd and 3rd Addition and the Easton Village mass grading security, contingent on the developer being current with all payments and obligations in accordance with the Development Agreement, including a positive escrow balance as 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 warranty securities as detailed in the attached respective worksheets
for the Easton Village 2nd and 3rd Additions and the Easton Village mass grading security, contingent
on the developer being current with all Development Agreement payments and obligations.” ATTACHMENTS: 1. Security Reduction Worksheet – Easton Village 2nd Addition. 2. Security Reduction Worksheet – Easton Village 3rd Addition. 3. Security Reduction Worksheet – Easton Village Mass Grading.
EASTON VILLAGE 2ND ADDITION October 31, 2017DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading $238,969 $298,711.25100%$298,711Grading $38,286 $47,858100%$47,858Sanitary Sewer $54,276 $67,845100%$50,884 $16,961Watermain $60,848 $76,059100%$57,045 $19,015Storm Sewer $54,920 $68,65075%$34,325 $17,162 $17,162Streets and Sidewalks $226,308 $282,88575%$141,443 $70,721 $70,721Trails $12,570 $15,71375%$11,784 $3,928Surface Water Facilities NA NAStreet Lighting $48,000 $60,00075%$45,000 $15,000Street Signs and Traffic Control Signs $700 $87575%$656 $219Private Utilities (electricity, natural gas, telephone, and cable)Landscaping $46,008 $57,51075%$43,133 $14,378Tree Preservation and Restoration NA NAincluded in Grading AgreementWetland Mitigation and Buffers NA NALOC Through VBWDMonuments $1,900 $2,37575%$1,781 $594Erosion Control $15,406 $19,25775%$14,443 $4,814Misc. $0 $0NoneRecord Drawings $3,000 $3,75075%$2,813 $938TOTALS $562,221 $702,776RELEASED AMOUNTS:$0 $331,553 $243,469 $127,754CUMMULATIVE AMOUNTS:$0 $331,553 $575,022 $702,776SECURITY AMOUNT REMAINING:$702,776 $371,223 $127,754 $0DATE:10/17/2017 2/7/2018 2/4/2020 2/6/2024Time of Performance: REDUCTIONS
EASTON VILLAGE 3RD ADDITION October 31, 2017DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading $196,245 $245,306100%$245,306Sanitary Sewer $118,179 $147,724100%$110,793 $36,931Watermain $128,435 $160,544100%$120,408 $40,136Storm Sewer $118,267 $147,83475%$110,876 $36,959Streets and Sidewalks $157,590 $196,98875%$147,741 $49,247Trails $14,600 $18,25075%$13,688 $4,563Surface Water Facilities NA NAincluded in Grading AgreementStreet Lighting $12,000 $15,00075%$11,250 $3,750Street Signs and Traffic Control Signs $1,850 $2,31375%$1,734 $578Private Utilities (electricity, natural gas, telephone, and cable)$0Landscaping $98,573 $123,21675%$92,412 $30,804Tree Preservation and Restoration NA NAincluded in Grading AgreementWetland Mitigation and Buffers NA NALOC Through VBWDMonuments $2,800 $3,50075%$2,625 $875Erosion Control $29,982 $37,47775%$28,108 $9,369Misc. NA NARecord Drawings $5,000 $6,25075%$4,688 $1,563TOTALS $883,520 $1,104,400RELEASED AMOUNTS:$476,507 $490,187 $137,707 $0 $0 $0CUMMULATIVE AMOUNTS:$476,507 $966,694 $1,104,400SECURITY AMOUNT REMAINING:$627,894 $137,707 $0DATE:2/7/2018 2/4/2020 2/6/2024Time of Performance: REDUCTIONS
EASTON VILLAGE MASS GRADING N/ADEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Site Grading Agreement $66,600 $66,600 $66,600Sanitary Sewer $0 $0Watermain $0 $0Storm Sewer $0 $0Streets and Sidewalks $0 $0Trails $0 $0Surface Water Facilities NA NAStreet Lighting $0 $0By Xcel EnergyStreet Signs and Traffic Control Signs $0 $0Private Utilities (electricity, natural gas, telephone, and cableNA NALandscaping $0 $0Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments $0 $0Erosion Control $0 $0Misc. NA NARecord Drawings $0 $0TOTALS $66,600 $66,600RELEASED AMOUNTS:$66,600 $0 $0 $0 $0CUMMULATIVE AMOUNTS:$66,600SECURITY AMOUNT REMAINING:$0DATE:2/6/2024Time of Performance: REDUCTIONS