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STAFF REPORT <br />DATE: February 7, 2023 <br /> CONSENT <br /> <br />AGENDA ITEM: Approve Release of Warranty Security for Public Utilities for Legacy at <br />Northstar 3rd Addition. <br /> <br />SUBMITTED BY: Jack Griffin, City Engineer <br />REVIEWED BY: Kristina Handt, City Administrator Marty Powers, Public Works Director <br /> Sophia Jensen, City Planner <br />Chad Isakson, Assistant City Engineer <br /> <br /> <br />ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for public <br />utilities for Legacy at Northstar 3rd Addition? <br /> <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the <br />development security for Legacy at Northstar 3rd Addition. The 2-year warranty period for Legacy at <br />Northstar 3rd Addition watermain and sanitary sewer expired on January 5, 2023. Twenty-five percent <br />(25%) of the original security was retained through the 2-year warranty period. A warranty walk-through <br />has been completed by city staff and all warranty punch list items have been addressed by the developer. <br /> <br />With the release of the 2-year warranty security for sanitary sewer and watermain the overall development <br />security may be released as detailed in the attached worksheets and shown below. Current Security Amount Proposed Security Amount <br />1. Legacy at Northstar 3rd Addition: $785,584 $589,929 <br /> <br />FISCAL IMPACT: Release of the warranty security closes out the sanitary sewer and watermain portion <br />of the development. The operation and maintenance of the public sanitary sewer and watermain becomes <br />the responsibility of the city going forward. <br /> <br />RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, <br />approve the release of warranty security for public sanitary sewer and watermain for Legacy at Northstar <br />3rd Addition. The release of security is contingent on the developer being current with all other payments <br />and obligations in accordance with the Development Agreement, including a positive escrow balance as <br />required by the city. If removed from the consent agenda, the recommended motion for the action is as <br />follows: <br /> <br />“Move to approve the security release for the Legacy at Northstar 3rd Addition as detailed in the <br />respective Security Reduction Worksheet, contingent on the developer being current with all other <br />payments and obligations in accordance with the Development Agreement, including a positive escrow <br />balance as required by the city” <br /> <br />ATTACHMENTS: <br />1. Security Reduction Worksheet – Legacy at Northstar 3rd Addition.