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Home My WebLink About#09 - Boulder Ponds 2nd & 3rd Add Security Release STAFF REPORT DATE: October 15, 2024 CONSENT AGENDA ITEM: Approve Release of Warranty Security for Public Improvements and Landscaping for Boulder Ponds 2nd and 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 and landscaping for Boulder Ponds 2nd and 3rd Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release all warranty securities for Boulder Ponds 2nd and 3rd Addition. 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. Boulder Ponds 2nd Addition: $67,500 $0 2. Boulder Ponds 3rd Addition: $201,391 $0 FISCAL IMPACT: Release of the warranty security closes out the public improvements and landscaping portion of the developments. 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 of warranty securities as detailed in the attached respective worksheets for Boulder Ponds 2nd and 3rd Additions. 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 securities as detailed in the attached respective worksheets for Boulder Ponds 2nd and 3rd Additions, 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 – Boulder Ponds 2nd Addition. 2. Security Reduction Worksheet – Boulder Ponds 3rd Addition. BOULDER PONDS 2ND ADDITION Time of Performance: October 31, 2016 DEVELOPMENT AGREEMENT AMOUNTS CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6 Grading NA NA Included in Boulder Ponds 1st Addition Sanitary Sewer $73,000 $91,250 100%$68,438 $22,813 Watermain $67,000 $83,750 100%$62,813 $20,938 Storm Sewer (w/pond structures) $39,500 $49,375 100%$37,031 $12,344 Streets $84,175 $105,219 100%$78,914 $26,305 Sidewalks/Trails $19,850 $24,813 100%$18,609 $6,203 Surface Water Facilities $13,000 $16,250 100%$12,188 $4,063 Street Lighting $12,000 $15,000 100%$11,250 $3,750 Street Signs and Traffic Control Signs $1,600 $2,000 100%$1,500 $500 Private Utilities (electricity, natural gas, telephone, and cable) Landscaping $75,000 $93,750 100%$26,250 $67,500 Tree Preservation and Restoration NA NA Wetland Mitigation and Buffers $1,000 $1,250 100%$938 $313 Monuments $1,800 $2,250 100%$1,688 $563 Erosion Control $36,650 $45,813 100%$34,359 $11,453 Miscellaneous Facilities NA NA Record Drawings $2,500 $3,125 100%$2,344 $781 TOTALS $427,075 $533,844 RELEASED AMOUNTS:$247,195 $26,250 $43,750 $82,875 $66,273 $67,500 CUMMULATIVE AMOUNTS:$247,195 $273,445 $317,195 $400,070 $466,344 $533,844 SECURITY AMOUNT REMAINING:$286,648 $260,398 $216,648 $133,773 $67,500 $0 DATE: 9/5/2017 10/1/2019 6/16/2020 6/16/2020 7/6/2021 10/15/2024 REDUCTIONS BOULDER PONDS 3RD ADDITION Time of Performance: October 31, 2019 DEVELOPMENT AGREEMENT AMOUNTS CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6 Grading $66,470 $83,088 $83,088 Sanitary Sewer $101,852 $127,315 $95,486 $31,829 Watermain $130,412 $163,015 $122,261 $40,754 Storm Sewer (w/pond structures) $55,845 $69,806 $52,355 $17,452 Streets and Sidewalks $147,956 $184,945 $138,709 $46,236 Trails $18,275 $22,844 $17,133 $5,711 Surface Water Facilities $55,849 $69,811 $52,358 $17,453 Street Lighting $24,000 $30,000 $22,500 $7,500 Street Signs and Traffic Control Signs $738 $923 $692 $231 Private Utilities (electricity, natural gas, telephone, and cable) Landscaping $103,522 $129,403 $97,052 $32,351 Tree Preservation and Restoration NA NA Wetland Mitigation and Buffers NA NA Monuments $3,300 $4,125 $3,094 $1,031 Erosion Control $12,450 $15,563 $11,672 $3,891 Hudson Blvd. Turn Lanes $217,516 $271,895 $203,921 $67,974 Record Drawings $5,000 $6,250 $4,688 $1,563 TOTALS $943,185 $1,178,981 RELEASED AMOUNTS:$300,835 $507,121 $97,052 $72,583 $201,391 CUMMULATIVE AMOUNTS:$300,835 $807,956 $905,008 $977,590 $1,178,981 SECURITY AMOUNT REMAINING:$878,146 $371,025 $273,973 $201,391 $0 DATE:3/5/2019 4/20/2021 12/7/2021 5/17/2022 10/15/2024 REDUCTIONS