HomeMy WebLinkAbout#05 - Lakewood Crossing 2nd Security Reduction STAFF REPORT
DATE: October 1, 2024
CONSENT
AGENDA ITEM: Approve Security Reduction for Lakewood Crossing 2nd Addition
SUBMITTED BY: Jack Griffin, City Engineer
REVIEWED BY: Nicole Miller, 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 a security reduction for Lakewood
Crossing 2nd Addition?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the
development security for the Lakewood Crossing 2nd Addition. This reduction includes the release of
landscaping and utility warranty security as the respective warranty periods have expired and all corrective
work has been completed. These requests have been reviewed and are being recommended for approval in
accordance with the approved Development Agreements. The 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 required by the Development Agreement. The Development
Security amounts are recommended to be reduced as follows:
Current Security Amount Proposed Security Amount
1. Lakewood Crossing 2nd Addition $ 161,689 $ 99,719
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 public landscaping, sanitary
sewer, and watermain warranty security closes out the public landscape and utility improvement portion of
the development. The operation and maintenance of these facilities become the responsibility of the city
going forward.
RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda,
approve the security reduction and release as detailed in the attached worksheet for the Lakewood Crossing
2nd Addition, contingent on the developer being current with all Development Agreement payments and
obligations, 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 security reduction and release as detailed in the attached worksheet for the
Lakewood Crossing 2nd Addition, contingent on the developer being current with all payments and
obligations in accordance with the Development Agreement.”
ATTACHMENTS:
1. Security Reduction Worksheet – Lakewood Crossing 2nd Addition.
LAKEWOOD CROSSING 2ND ADDITION Time of Performance: October 31, 2018DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #61 Grading $0 $02 Sanitary Sewer $25,650 $32,063100%$24,047 $8,0163 Watermain $52,655 $65,819100%$49,364 $16,4554Storm Sewer$0 $05 Streets $0 $06 Trails $0 $07 Surface Water Facilities $11,275 $14,0948 Street Lighting $0 $09 Street Signs and Traffic Control Signs $0 $010 Private Utilities (Electricity, Natural Gas, etc.) $0 $011 Landscaping $30,000 $37,500100%$37,50012 Tree Preservation and Restoration $0 $013 Wetland Mitigation and Buffers NA NA14 Monuments $0 $015Erosion and Sedimentation Control$16,500 $20,62516 Right Turn Lane $47,000 $58,75017 Record Drawings $5,000 $6,250TOTALS $188,080 $235,100RELEASED AMOUNTS:$73,411 $61,970CUMULATIVE AMOUNTS:$73,411 $135,381SECURITY AMOUNT REMAINING:$161,689 $99,719DATE:2/7/2023 10/1/2024REDUCTIONS