HomeMy WebLinkAbout#06 - Easton 4th Security Reduction
STAFF REPORT
DATE: March 18, 2025
CONSENT
TO: City Council
FROM: Chad Isakson, Project Engineer
AGENDA ITEM: Approve Release of Warranty Security for Public Improvements for
Easton Village 4th 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 4th Addition on September 10, 2018. The sanitary sewer and watermain warranty period ended on
January 15, 2021. The public improvement warranty period ended on February 6, 2025.
ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for the public
improvements for Easton Village 4th Addition?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the
development security for Easton Village 4th Addition. The 1-year warranty period for the public
improvements expired on February 6, 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 4th Addition $93,053 $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 4th Addition in accordance with
Development Agreement or Do not approve the release and retain the current security amount.
RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda,
approve the release of public improvement warranty security for Easton Village 4th 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 4th 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 4th Addition.
EASTON VILLAGE 4TH ADDITION October 31, 2018
DEVELOPMENT AGREEMENT AMOUNTS
CATEGORY CONSTRUCTION 125%REMARKS #1 #2 #3 #4 #5 #6
Grading NA NA
Sanitary Sewer $74,754 $93,443 $70,082 $23,361
Watermain $123,925 $154,906 $116,180 $38,727
Storm Sewer $109,294 $136,618 $102,463 $34,154
Streets and Sidewalks $146,487 $183,109 $137,332 $45,777
Trails NA NA
Surface Water Facilities NA NA
Street Lighting $12,000 $15,000 By Xcel Energy $11,250 $3,750
Street Signs and Traffic Control Signs $700 $875 $656 $219
Private Utilities (electricity, natural gas, telephone, and cable)NA NA
Landscaping $15,900 $19,875 $19,875
Tree Preservation and Restoration NA NA
Wetland Mitigation and Buffers NA NA
Monuments $2,400 $3,000 $2,250 $750
Erosion Control $21,890 $27,363 $20,522 $6,841
Misc.NA NA
Record Drawings $5,000 $6,250 $4,688 $1,563
TOTALS $512,350 $640,438 RELEASED AMOUNTS:$186,262 $361,123 $93,053 $0 $0 $0
CUMMULATIVE AMOUNTS:$186,262 $547,384 $640,438
SECURITY AMOUNT REMAINING:$454,176 $93,053 $0
DATE:1/15/2019 2/6/2024 3/18/2025
Time of Performance:
REDUCTIONS