#06 - Easton 4th Security Reduction

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STAFF REPORT DATE: March 18, 2025 CONSENT TO: City Council FROM: Chad Isakson, Project Engineer AGENDA ITEM: Approve Release of Warranty Security for Public Improvements for Easton Village 4th Addition REVIEWED BY: Nicole Miller, City Administrator Clarissa Hadler, Finance Director Jason Stopa, Community Development Director Marty Powers, Public Works Director Nate Stanley, City Engineer CORE STRATEGIES: ☐ Vibrant, inclusive, connected community ☐ Efficient, reliable, innovative services ☐ Responsive, transparent, adaptive governance ☒ Balanced Finances now and future ☒ Managed Growth ☒ Resilient Infrastructure BACKGROUND: Chase Development, Inc. entered into a development agreement with the City for Easton 4th Addition on September 10, 2018. The sanitary sewer and watermain warranty period ended on January 15, 2021. The public improvement warranty period ended on February 6, 2025. ISSUE BEFORE COUNCIL: Should the City Council approve release of warranty security for the public improvements for Easton Village 4th Addition? PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the development security for Easton Village 4th Addition. The 1-year warranty period for the public improvements expired on February 6, 2025. Twenty-five percent (25%) of the original security was retained through the 1-year warranty period. A warranty walk-through was completed by city staff and all warranty punch list items have since been addressed by the developer. With the release of the warranty security the overall development security may be reduced as shown below: Current Security Amount Proposed Security Amount 1. Easton Village 4th Addition $93,053 $0 FISCAL IMPACT: Release of the warranty security closes out the public improvement portion of the development. The operation and maintenance of the public facilities becomes the responsibility of the city going forward.