HomeMy WebLinkAbout#08 - Launch-Crossroads Security Reduction STAFF REPORT
DATE: January 7, 2025
CONSENT
AGENDA ITEM: Approve Security Reduction for the Launch-Crossroads Development
SUBMITTED BY: Jack Griffin, City Engineer
REVIEWED BY: Nicole Miller, City Administrator
Jason Stopa, Community Development Director
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 the Launch-
Crossroads Development?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the
development security for the Launch-Crossroads Development. This reduction includes the release of
public improvement warranty security as the warranty period has 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. Launch-Crossroads Development $ 1,041,043 $ 681,021
Remaining security is for landscaping and sanitary sewer / watermain utilities.
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 improvement warranty
security closes out the public improvements 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 Launch-Crossroads
Development, 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
Launch-Crossroads Development, contingent on the developer being current with all payments and
obligations in accordance with the Development Agreement.”
ATTACHMENTS:
1. Security Reduction Worksheet – the Launch-Crossroads Development.
LAUNCH-CROSSROADS Time of Performance: December 31, 2022DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading $468,200 $585,250100%$585,250Sanitary Sewer $489,910 $612,38875%$459,291Watermain $314,777 $393,47175%$295,103Storm Sewer (w/pond structures) $167,791 $209,739100%$157,304 $52,435Streets + Sidewalks $834,438 $1,043,048100%$782,286 $260,762Bituminous Trails $31,896 $39,870100%$29,903 $9,968Surface Water Facilities $57,050 $71,313100%$53,484 $17,828Street Lighting NA NAStreet and Traffic Signs $8,720 $10,900100%$8,175 $2,725Private Utilities (electricity, gas, etc.) NA NALandscaping $343,645 $429,556Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments NA NAErosion Control $46,925 $58,656100%$43,992 $14,664Record Drawings $5,250 $6,563100%$4,922 $1,641TOTALS $2,768,602 $3,460,753RELEASED AMOUNTS:$2,419,710 $360,022 $0 $0 $0 $0CUMULATIVE AMOUNTS:$2,419,710 $2,779,732SECURITY AMOUNT REMAINING:$1,041,043 $681,021DATE:1/2/2024 1/7/2025REDUCTIONS