HomeMy WebLinkAbout#08 - Savona 3rd Security Release STAFF REPORT
DATE: August 7, 2024
CONSENT
AGENDA ITEM: Approve Release of Warranty Security for Public Improvements for Savona 3rd
Addition. SUBMITTED BY: Jack Griffin, City Engineer
REVIEWED BY: Nicole Miller, 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 Savona 3rd Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the development security for Savona 3rd Addition. The 1-year warranty period for the public improvements expired on September 3, 2020. 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 including infiltration basin corrections. With the release of the warranty security the overall development security may be reduced as shown below: Current Security Amount Proposed Security Amount 1. Savona 3rd Addition: $514,806 $0 This release fully closes out the public improvements and releases all securities on the developement. 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 Savona 3rd 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 Savona 3rd 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 – Savona 3rd Addition.
SAVONA 3RD ADDITION Time of Performance: October 31, 2016DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6 #7 #8Grading (Separate Grading Agreement) $127,000 $127,000Sanitary Sewer $345,301 $431,626100%$215,813 $107,907 $107,907Watermain $503,113 $628,891100%$314,446 $157,223 $157,223Streets $1,168,007 $1,460,009100%$730,004 $365,002 $365,002Surface Water Facilities $333,140 $416,425100%$208,213 $104,106 $104,106Erosion Control $133,732 $167,165100%$125,374 $41,791Sidewalks/Trails Included in Streets Included in StreetsStreet Lighting NA NABy Xcel EnergyStreet Signs and Traffic Control Signs Included in Streets Included in StreetsLandscaping $95,218 $119,023100%$89,267 $29,756Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NALOC Through VBWDMonuments $6,000 $7,500100%$5,625 $1,875Miscellaneous Facilities NA NARecord Drawings $6,500 $8,125100%$6,094 $2,031TOTALS $2,591,011 $3,365,764RELEASED AMOUNTS:$1,468,476 $392,129 $502,095 $104,106 $89,267 $265,129 $29,756 $514,806CUMMULATIVE AMOUNTS:$1,468,476 $1,860,605 $2,362,700 $2,466,806 $2,556,073 $2,821,202 $2,850,958 $3,365,764SECURITY AMOUNT REMAINING:$1,897,288 $1,505,159 $1,003,064 $898,958 $809,691 $544,562 $514,806 $0DATE: 12/20/2016 1/16/2018 2/5/2019 9/3/2019 12/3/2019 2/4/2020 5/2/2023 8/7/2024REDUCTIONS