HomeMy WebLinkAbout#11 - Wildflower 4th Addition Security Reduction STAFF REPORT
DATE: August 20, 2024
CONSENT
AGENDA ITEM: Accept Improvements and Approve Security Reductions for the Wildflower at
Lake Elmo 4th 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 accept the improvements and approve security reductions for the Wildflower at Lake Elmo 4th Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the improvements and reduce the development security for the Wildflower at Lake Elmo 4th Addition. This request has been reviewed and is being recommended for approval in accordance with the Development Agreement, and contingent on the developer being current with all other required payments and obligations,
including a positive escrow balance. The Development Security amount is recommended to be reduced as follows: Current Security Amount Proposed Security Amount 1. Wildflower 4th Addition: $793,116 $661,246 The Wildflower at Lake Elmo 4th Addition public facility warranty periods are identified on the attached Certificate of Completion. Twenty-five percent (25%) of the original security amounts will be retained until the warranty periods have expired and all warranty corrective work has been addressed. 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, as part of the Consent Agenda,
accept the improvements and approve the security reductions as detailed in the attached worksheet for the Wildflower at Lake Elmo 4th Addition, contingent on the developer being current with all other 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 accept the improvements and approve a security reduction as detailed in the attached Security Reduction Worksheet for Wildflower at Lake Elmo 4th Addition, contingent on the developer being current with all other subdivision payments and obligations.” ATTACHMENTS: 1. Certificate of Completion – Wildflower at Lake Elmo 4th Addition 2. Security Reduction Worksheet – Wildflower at Lake Elmo 4th Addition
CERTIFICATE OF COMPLETION
DATE OF ISSUANCE: AUGUST 20, 2024
OWNER: CITY OF LAKE ELMO, MN
DEVELOPER: ROBERT ENGSTROM COMPANIES
SUBDIVISION
NAME: WILDFLOWER 4TH ADDITION
PROJECT NO.: 2021.113
This Certification of Completion applies to all work under the Development Agreement
This Certification of Completion applies to the following specified parts of the Development
Agreement
Section 34.A – Public sanitary sewer and watermain
Section 34.B – Public improvements including street construction, including concrete curb
and gutter, sidewalks and trails, materials and equipment.
I do hereby certify that the work to which this Certificate applies has been constructed in accordance
with the Development Agreement dated February 2, 2022. The above-mentioned improvement is
hereby declared to be complete and acceptance of this work is recommended.
DATE OF COMPLETION: August 20, 2024
Mike Rusenovich Reg. No. 58717
FOCUS Engineering, inc.
Section 34.A Warranty Period Begins January 17, 2023 and ends January 17, 2025
Section 34.B Warranty Period Begins August 20, 2024 and ends August 20, 2025
WILDFLOWER AT LAKE ELMO 4TH ADDITION Time of Performance: August 31, 2022
DEVELOPMENT AGREEMENT AMOUNTS
CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6
Sanitary Sewer $257,538 $321,923 75%$241,442
Watermain $218,620 $273,275 75%$204,956
Streets & Sidewalks $1,240,903 $1,551,129 75%$775,564 $387,782
Storm Sewer $238,267 $297,834 75%$148,917 $74,458
Erosion Control $38,975 $48,719 75%$36,539
Surface Water Facilities (BMPs) $12,460 $15,575 75%$11,681
Trails $50,907 $63,634 75%$47,725
Street Lighting $24,000 $30,000 75%$22,500
Street Signs and Traffic Control Signs $5,219 $6,524 75%$4,893
Landscaping $5,000 $6,250
Tree Preservation and Restoration NA NA
Wetland Mitigation and Buffers NA NA
Monuments $4,100 $5,125 75%$3,844
Private Utilities NA NA
Record Drawings $5,000 $6,250 75%$4,688
TOTALS $2,100,989 $2,626,236 RELEASED AMOUNTS:$446,398 $924,481 $462,241 $131,870
CUMMULATIVE AMOUNTS:$446,398 $1,370,879 $1,833,120 $1,964,989
SECURITY AMOUNT REMAINING:$2,179,838 $1,255,357 $793,116 $661,246
DATE:1/17/2023 12/5/2023 1/2/2024 8/20/2024
REDUCTIONS