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Home My WebLink About#06 - Easton Village 7th Security Reduction STAFF REPORT DATE: January 21, 2025 CONSENT AGENDA ITEM: Accept Sanitary Sewer and Watermain Improvements and Approve Security Reductions for Easton Village 7th 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 accept the public sanitary sewer and watermain improvements and approve security reductions for the Easton Village 7th Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the public sanitary sewer and watermain improvements and reduce the development security for the Easton Village 7th Addition. This request has been reviewed and is recommended for approval in accordance with the approved Development Agreement, and 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. The Development Security amount is recommended to be reduced as follows: Current Security Amount Proposed Security Amount 1. Easton Village 7th Addition $ 1,137,575 $ 830,410 The Easton Village 7th Addition public sanitary sewer and watermain improvements are in the warranty period as identified on the attached Certificate of Completion. Twenty-five percent (25%) of the original security amount will be retained until the warranty periods have expired. 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. RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, accept the public sanitary sewer and watermain improvements and approve the security reductions as detailed in the attached worksheet for the Easton Village 7th Addition, all 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 accept the public sanitary sewer and watermain improvements and approve the security reductions as detailed in the attached worksheet for the Easton Village 7th Addition, all contingent on the developer being current with all other payments and obligations in accordance with the Development Agreement.” ATTACHMENTS: 1. Watermain and Sanitary Sewer Certificate of Completion – Easton Village 7th Addition. 2. Security Reduction Worksheet – Easton Village 7th Addition. CERTIFICATE OF COMPLETION DATE OF ISSUANCE: JANUARY 21, 2025 OWNER: CITY OF LAKE ELMO, MN DEVELOPER: CHASE DEVELOPMENT, INC. SUBDIVISION NAME: EASTON VILLAGE 6TH AND 7TH ADDITIONS PROJECT NO.: 2021.122 This Certification of Completion applies to all work under the Development Agreement This Certification of Completion applies to the following specified parts of the Development Agreement Section 35.A – Public sanitary sewer and watermain Section 35.B – Public improvements including street construction, including concrete curb and gutter, sidewalks and trails, materials and equipment. I do hereby certify that the work to which this Certificate applies has been constructed in accordance with the Development Agreement dated April 8, 2024. The above-mentioned improvement is hereby declared to be complete, and acceptance of this work is recommended. DATE OF COMPLETION: January 21, 2025 Chad Isakson Reg. No. 49028 Bolton & Menk, Inc. Section 35.A Warranty Period Begins January 21, 2025 and ends January 21, 2027 Section 35.B Warranty Period Begins and ends EASTON VILLAGE 7TH ADDITION June 30, 2026 DEVELOPMENT AGREEMENT AMOUNTS CATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6 Site Grading Agreement NA NA Sanitary Sewer $142,816 $178,520 75%$133,890 Watermain $184,827 $231,034 75%$173,275 Storm Sewer $109,907 $137,384 Streets and Sidewalks $343,977 $429,971 Trails $12,150 $15,188 Surface Water Facilities NA NA Street Lighting $12,000 $15,000 By Xcel Energy Street Signs and Traffic Control Signs $3,925 $4,906 Private Utilities (electricity, natural gas, telephone, and cable)NA NA Landscaping $34,134 $42,668 Tree Preservation and Restoration NA NA Wetland Mitigation and Buffers NA NA Monuments $2,400 $3,000 Erosion Control $58,924 $73,655 Misc. NA NA Record Drawings $5,000 $6,250 TOTALS $910,060 $1,137,575 RELEASED AMOUNTS:$307,165 $0 $0 $0 $0 $0 CUMMULATIVE AMOUNTS:$307,165 SECURITY AMOUNT REMAINING:$830,410 DATE:1/21/2025 Time of Performance: REDUCTIONS