2022-07-27 CC Packet - Laserfiche WebLink

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CITY OF CENTERVILLE REQUEST FOR COUNCIL ACTION Centerviffe Agenda Item # Department: Requested Council Meeting Date: IX.2 Engineering July 27, 2022 TITLE OF ISSUE: Development Security Reduction Request - Rehbein Commercial BACKGROUND AND SUPPLEMENTAL INFORMATION: Street and utility construction on the Rehbein Commercial development is substantially complete. The developer has provided documentation showing payment to the contractor for the work complete, including subcontractor lien -waivers. Pavement of the wear course of asphalt and boulevard turf establishment work remain, at a cost of roughly $40,000. The letter of credit was established with a multiplier of 150%. Therefore, a balance of 150% of $40,000 should remain (40,000xl.5=60,000). The city's security reduction policy also states that a security may not be drawn down to less than 5% of the original amount, until all work is complete. The original security was $800,000. Therefore, 5% would be $40,000. Retaining $60,000 meets this rule. Staff recommends a reduction in the development's security to $60,000. COST AND SOURCE(S) OF FUNDING: No direct cost. This reduces the city's security for the project from $800,000 to $60,000. REQUESTED COUNCIL ACTION: Motion to approve a reduction in the security for the Rehbein Commercial development project to $60,000. For Clerk's Use: SUPPORTED DOCUMENTS ATTACHED Motion By: Resolution Ordinance Contract Minutes Plan Map Second By: Vote Record: Ave Nay Love Koski Lakso King Other (specify) Detailed Costs for work complete/remaining Mosher Administration Department Use: Consent Refer to: Regular Tabled Until: Other: