HomeMy WebLinkAbout#05 - Wildflower Security Release STAFF REPORT
DATE: January 21, 2025
CONSENT
AGENDA ITEM: Approve Release of Warranty Security for Public Utilities for Wildflower 4th
Addition.
SUBMITTED BY: Nate Stanley, City Engineer
REVIEWED BY: Nicole Miller, City Administrator Jason Stopa, Community Development Director Marty Powers, Public Works Director
Chad Isakson, Assistant City Engineer
ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for public
utilities for Wildflower 4th Addition?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the
development security for Wildflower 4th Addition. The 2-year warranty period for Wildflower 4th Addition
watermain and sanitary sewer expired on January 17, 2025. Twenty-five percent (25%) of the original
security was retained through the 2-year warranty period. A warranty walk-through has been completed by
city staff and all warranty punch list items have been addressed by the developer.
With the release of the 2-year warranty security for sanitary sewer and watermain the overall development
security may be released as detailed in the attached worksheets and shown below. Current Security Amount Proposed Security Amount
1. Wildflower 4th Addition: $661,246 $512,447
FISCAL IMPACT: Release of the warranty security closes out the sanitary sewer and watermain portion
of the development. The operation and maintenance of the public sanitary sewer and watermain becomes
the responsibility of the city going forward.
RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda,
approve the release of warranty security for public sanitary sewer and watermain for Wildflower 4th
Addition. The release of security is contingent on the developer being current with all other payments and
obligations in accordance with the Development Agreement, 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 release for the Wildflower 4th Addition as detailed in the respective
Security Reduction Worksheet, contingent on the developer being current with all other payments and
obligations in accordance with the Development Agreement, including a positive escrow balance as
required by the city”
ATTACHMENTS:
1. Security Reduction Worksheet – Wildflower 4th Addition.
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 $321,923 100%$241,442 $80,481
Watermain $218,620 $273,275 100%$204,956 $68,319
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 $148,799
CUMMULATIVE AMOUNTS:$446,398 $1,370,879 $1,833,120 $1,964,989 $2,113,789
SECURITY AMOUNT REMAINING:$2,179,838 $1,255,357 $793,116 $661,246 $512,447
DATE:1/17/2023 12/5/2023 1/2/2024 8/20/2024 1/21/2025
REDUCTIONS