HomeMy WebLinkAbout#05 - Easton Village 5th Addition Security Reduction
STAFF REPORT
DATE: July 15, 2025
CONSENT
TO: City Council
FROM: Chad Isakson, Project Engineer
AGENDA ITEM: Approve Release of Warranty Security for Public Improvements for
Easton Village 5th Addition
REVIEWED BY: Nicole Miller, City Administrator
Clarissa Hadler, Finance Director
Jason Stopa, Community Development Director
Marty Powers, Public Works Director
Nate Stanley, City Engineer
CORE STRATEGIES:
☐ Vibrant, inclusive, connected community ☐ Efficient, reliable, innovative services
☐ Responsive, transparent, adaptive governance ☒ Balanced Finances now and future
☒ Managed Growth ☒ Resilient Infrastructure
BACKGROUND: Chase Development, Inc. entered into a development agreement with the City for
Easton 5th Addition on July 24, 2019. The sanitary sewer and watermain warranty period ended on October
6, 2022. The public improvement warranty period ended on June 30, 2025.
ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for the public
improvements for Easton Village 5th Addition?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the
development security for Easton Village 5th Addition. The 1-year warranty period for the public
improvements expired on June 30, 2025. 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.
With the release of the warranty security the overall development security may be reduced as shown below:
Current Security Amount Proposed Security Amount
1. Easton Village 5th Addition $385,424 $0
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.
OPTIONS: Release the remaining security amount for Easton Village 5th Addition in accordance with
Development Agreement or Do not approve the release and retain the current security amount.
RECOMMENDATION: Staff are recommending that the City Council, as part of the Consent Agenda,
approve the release of public improvement warranty security for Easton Village 5th 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:
Motion to approve the release of the warranty security for Easton Village 5th Addition as detailed in
the 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 – Easton Village 5th Addition.
EASTON VILLAGE 5TH ADDITIONOctober 31, 2019DEVELOPMENT AGREEMENT AMOUNTSCATEGORYCONSTRUCTION125%REMARKS#1#2#3#4#5#6Site Grading Agreement$0$0Sanitary Sewer$219,845$274,806$206,105$68,702Watermain$324,705$405,881$304,411$101,470Storm Sewer$485,728$607,160$303,580$151,790$151,790Streets and Sidewalks$693,676$867,095$433,548$216,774$216,775Trails$0$0Surface Water FacilitiesNANAStreet Lighting$40,000$50,000By Xcel Energy$37,500$12,500Street Signs and Traffic Control Signs$4,150$5,188$3,891$1,297Private Utilities (electricity, natural gas, telephone, and cable)NANALandscaping$61,074$76,343$57,257$19,086Tree Preservation and RestorationNANAWetland Mitigation and BuffersNANAMonuments$4,800$6,000$4,500$1,500Erosion Control$0$0Misc.NANARecord Drawings$5,000$6,250$4,688$1,562TOTALS$1,838,978$2,298,724RELEASED AMOUNTS:$1,304,900$189,258$419,142$385,424$0$0CUMMULATIVE AMOUNTS:$1,304,900$1,494,158$1,913,300$2,298,724SECURITY AMOUNT REMAINING:$993,824$804,566$385,424$0DATE:10/6/2020 2/6/2024 3/18/2025 7/15/2025Time of Performance: REDUCTIONS