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STAFF REPORT <br />DATE: January 7, 2025 <br /> CONSENT <br /> <br />AGENDA ITEM: Approve Security Reduction for Legacy at Northstar 2nd Addition <br /> SUBMITTED BY: Jack Griffin, City Engineer <br />REVIEWED BY: Nicole Miller, City Administrator <br /> Jason Stopa, Community Development Director <br /> Sophia Jensen, City Planner Marty Powers, Public Works Director <br /> Clarissa Hadler, Finance Director <br /> Chad Isakson, Assistant City Engineer <br /> <br /> <br />ISSUE BEFORE COUNCIL: Should the City Council approve a security reduction for Legacy at <br />Northstar 2nd Addition? <br /> <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to reduce the <br />development security for the Legacy at Northstar 2nd Addition. This reduction includes the release of public <br />improvement warranty security as the warranty period has expired and all corrective work has been <br />completed. These requests have been reviewed and are being recommended for approval in accordance <br />with the approved Development Agreements. The approval is contingent on the developer having a positive <br />escrow balance in the minimum amount required by the city, and the developer being current with all <br />payments and obligations required by the Development Agreement. The Development Security amounts <br />are recommended to be reduced as follows: <br /> <br /> Current Security Amount Proposed Security Amount <br />1. Legacy at Northstar 2nd Addition $ 327,204 $ 25,501 <br /> <br />Remaining security is for landscaping and builder landscaping items. <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 improvement warranty <br />security closes out the public improvements portion of the development. The operation and maintenance of <br />these facilities become 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 security reduction and release as detailed in the attached worksheet for the Legacy at Northstar <br />2nd Addition, contingent on the developer being current with all Development Agreement payments and <br />obligations, including a positive escrow balance as required by the City. If removed from the consent <br />agenda, the recommended motion for the action is as follows: <br /> <br />“Move to approve the security reduction and release as detailed in the attached worksheet for the <br />Legacy at Northstar 2nd Addition, contingent on the developer being current with all payments and <br />obligations in accordance with the Development Agreement.” <br /> <br />ATTACHMENTS: <br />1. Security Reduction Worksheet – Legacy at Northstar 2nd Addition.