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STAFF REPORT <br />DATE: January 21, 2025 <br /> CONSENT <br /> <br />AGENDA ITEM: Accept Sanitary Sewer and Watermain Improvements and Approve <br />Security Reductions for Easton Village 7th Addition <br /> SUBMITTED BY: Nate Stanley, City Engineer <br />REVIEWED BY: Nicole Miller, City Administrator <br /> Jason Stopa, Community Development Director Marty Powers, Public Works Director <br /> Chad Isakson, Assistant City Engineer <br /> <br /> <br />ISSUE BEFORE COUNCIL: Should the City Council accept the public sanitary sewer and watermain <br />improvements and approve security reductions for the Easton Village 7th Addition? <br /> <br />PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to accept the public <br />sanitary sewer and watermain improvements and reduce the development security for the Easton Village <br />7th Addition. This request has been reviewed and is recommended for approval in accordance with the <br />approved Development Agreement, and 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. The Development Security amount is recommended to be reduced as follows: <br /> <br /> Current Security Amount Proposed Security Amount <br />1. Easton Village 7th Addition $ 1,137,575 $ 830,410 <br /> <br />The Easton Village 7th Addition public sanitary sewer and watermain improvements are in the warranty <br />period as identified on the attached Certificate of Completion. Twenty-five percent (25%) of the original <br />security amount will be retained until the warranty periods have expired. <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. <br /> <br />RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda, <br />accept the public sanitary sewer and watermain improvements and approve the security reductions as <br />detailed in the attached worksheet for the Easton Village 7th Addition, all contingent on the developer being <br />current with all other payments and obligations in accordance with the Development Agreement, including <br />a positive escrow balance as required by the City. If removed from the consent agenda, the recommended <br />motion for the action is as follows: <br /> <br />“Move to accept the public sanitary sewer and watermain improvements and approve the security <br />reductions as detailed in the attached worksheet for the Easton Village 7th Addition, all contingent on <br />the developer being current with all other payments and obligations in accordance with the <br />Development Agreement.” <br /> <br />ATTACHMENTS: <br /> <br />1. Watermain and Sanitary Sewer Certificate of Completion – Easton Village 7th Addition. <br />2. Security Reduction Worksheet – Easton Village 7th Addition.