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STAFF REPORT <br />DATE: April 4, 2023 <br /> CONSENT <br /> <br />AGENDA ITEM: Approve Release of Warranty Security for Public Utilities and Improvements for <br />Lake Elmo Senior Living (Independent Living). <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 and improvements for Lake Elmo Senior Living (Independent Living)? <br /> <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release development <br />security for Lake Elmo Senior Living (Independent Living). The 2-year warranty period for Lake Elmo <br />Senior Living (Independent Living) watermain period expired on February 2, 2023 and the public <br />improvement warranty period expired November 16, 2022. A warranty walk-through has been completed <br />by city staff and all warranty punch list items have since been addressed by the developer. <br /> Current Security Amount Proposed Security Amount <br />1. Lake Elmo Senior Living: $135,989 $14,645 <br /> <br />The remaining proposed security would remain in place for the landscaping warranty period. <br /> <br />FISCAL IMPACT: Release of the warranty security closes out the public utilities and improvements <br />portion of the development. The operation and maintenance of these facilities becomes the responsibility <br />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 watermain and improvements in Lake Elmo Senior <br />Living (Independent Living). The release of security is contingent on the developer being current with all <br />other payments and obligations in accordance with the Development Agreement, including a positive <br />escrow balance as required by the City. If removed from the consent agenda, the recommended motion for <br />the action is as follows: <br /> <br />“Move to approve the security release for the Lake Elmo Senior Living (Independent Living) as <br />detailed in the respective Security Reduction Worksheet, contingent on the developer being current <br />with all other payments and obligations in accordance with the Development Agreement, including a <br />positive escrow balance as required by the City” <br /> <br />ATTACHMENTS: <br />1. Security Reduction Worksheet – Lake Elmo Senior Living (Independent Living).