City Council Meeting Date: February 20, 2024
To: Mayor and City Council
City Administrator
From: Sean Simonson, Engineering Manager
Dave Bennett, Public Works Director/City Engineer
Title
Consider Resolution Accepting Public Improvements for Spring Creek Townhomes 2nd Addition (DEVP2020-Z38).
Body
Action Requested:
The Northfield City Council approves Resolution Accepting Public Improvements for Spring Creek Townhomes 2nd Addition (DEVP2020-Z38).
Summary Report:
The City Council is being asked to accept the public improvements for the Spring Creek Townhomes 2nd Addition (DEVP2020-Z38). The Developer has submitted the required final documents as noted in the executed Development Agreement between the City of Northfield and Spring Creek II Townhomes LP.
Alternative Options:
This project is completed and the final acceptance is required to complete the Development Agreement.
Financial Impacts:
The City of Northfield collected $55,720.00 in Development Escrow for the project. The City of Northfield expended $55,068.75 while completing the Development. With the approval of final acceptance, the City of Northfield will return the remaining $651.25 in escrow balance. (Attachment 2)
Tentative Timelines:
A letter of credit has been submitted in favor of the City of Northfield which will in effect until 1/29/2025 to meet the warranty requirements of the Development Agreement.