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<br /> STAFF REPORT <br />DATE: April 1, 2025 <br /> CONSENT <br /> <br />TO: City Council <br />FROM: Mike Rusenovich, Project Engineer <br />AGENDA ITEM: Approve Release of Grading and Public Utility Security for the Union <br />Park West Addition <br />REVIEWED BY: Nicole Miller, City Administrator <br /> Clarissa Hadler, Finance Director <br /> Jason Stopa, Community Development Director <br /> Marty Powers, Public Works Director <br /> Nate Stanley, City Engineer <br /> <br /> <br />CORE STRATEGIES: <br /> <br />☐ Vibrant, inclusive, connected community ☐ Efficient, reliable, innovative services <br />☐ Responsive, transparent, adaptive governance ☒ Balanced Finances now and future <br />☒ Managed Growth ☒ Resilient Infrastructure <br /> <br /> <br />BACKGROUND: U.S. Homes Corporation entered into a development agreement with the City for Union <br />Park West Addition on July 24, 2019. <br /> <br />ISSUE BEFORE COUNCIL: Should the City Council approve the release of the grading security and the <br />public utility warranty security for Union Park West Addition? <br /> <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the grading <br />security and reduce the public utility warranty security for the Union Park West Addition. This request has <br />been reviewed and is being recommended for approval in accordance with the approved Development <br />Agreement. The Development Security amount is recommended to be reduced as follows: <br /> <br /> Current Security Amount Proposed Security Amount <br />1. Union Park West Addition $2,016,243 $731,717 <br /> <br />The two-year warranty period for Union Park West sanitary sewer and watermain ended on March 21, <br />2025. Twenty-five percent (25%) of the sanitary sewer and watermain portion of the original security was <br />retained through the two-year warranty period. A warranty walkthrough has been completed by City Staff <br />and all sanitary sewer and watermain warranty punchlist items have been addressed by the developer. <br /> <br />FISCAL IMPACT: It is the City’s goal to retain at all times during the subdivision improvements a <br />security amount that is adequate to ensure completion of all elements of the improvements as protection to <br />the city tax payers against the potential of developer default. Release of the Public Utility warranty security