HomeMy WebLinkAbout#13 - Lake Elmo Sr Living Security Release STAFF REPORT
DATE: April 4, 2023
CONSENT
AGENDA ITEM: Approve Release of Warranty Security for Public Utilities and Improvements for
Lake Elmo Senior Living (Independent Living).
SUBMITTED BY: Jack Griffin, City Engineer
REVIEWED BY: Kristina Handt, City Administrator Marty Powers, Public Works Director
Sophia Jensen, City Planner
Chad Isakson, Assistant City Engineer
ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for public
utilities and improvements for Lake Elmo Senior Living (Independent Living)?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release development
security for Lake Elmo Senior Living (Independent Living). The 2-year warranty period for Lake Elmo
Senior Living (Independent Living) watermain period expired on February 2, 2023 and the public
improvement warranty period expired November 16, 2022. A warranty walk-through has been completed
by city staff and all warranty punch list items have since been addressed by the developer.
Current Security Amount Proposed Security Amount
1. Lake Elmo Senior Living: $135,989 $14,645
The remaining proposed security would remain in place for the landscaping warranty period.
FISCAL IMPACT: Release of the warranty security closes out the public utilities and improvements
portion of the development. The operation and maintenance of these facilities becomes the responsibility
of the City going forward.
RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda,
approve the release of warranty security for public watermain and improvements in Lake Elmo Senior
Living (Independent Living). The release of security is 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 approve the security release for the Lake Elmo Senior Living (Independent Living) as
detailed in the respective Security Reduction Worksheet, 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”
ATTACHMENTS:
1. Security Reduction Worksheet – Lake Elmo Senior Living (Independent Living).
LAKE ELMO SENIOR LIVING Time of Performance: October 31, 2021DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading $205,000 $256,250100%$256,250Sanitary Sewer $99,700 $124,625100%$62,313 $31,156 $31,156Watermain $115,000 $143,750100%$71,875 $35,938 $35,938Storm Sewer (w/pond structures) $134,600 $168,250100%$84,125 $42,063 $42,063Street and Trail Cut at Entrance$10,000 $12,500100%$6,250 $3,125 $3,125Bituminous Trails NA NASurface Water Facilities NA NAStreet Lighting NA NAStreet Signs and Traffic Control Signs NA NAPrivate Utilities (electricity, natural gas, telepNA NALandscaping $46,865 $58,58175%$43,936Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments $1,000 $1,250100%$938 $313Erosion Control $20,000 $25,000100%$18,750 $6,250Record Drawings $8,000 $10,000100%$7,500 $2,500TOTALS $640,165 $800,206RELEASED AMOUNTS:$224,563 $67,094 $256,250 $116,311 $121,344CUMMULATIVE AMOUNTS:$224,563 $291,656 $547,906 $664,217 $785,561SECURITY AMOUNT REMAINING:$575,644 $508,550 $252,300 $135,989 $14,645DATE: 1/19/2021 2/2/2021 9/7/2021 11/16/2021 4/4/2023REDUCTIONS