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TO: Mayor Richard C. Irvin
FROM: Jason Bauer, P.E. Assist. Dir Public Works - Assist. City Engineer
DATE: February 25th 2019
SUBJECT:
Resolution for Security Reduction No. 1 for Gramercy Square Unit 1 & Commons Dr. Imp.- COA Case No. 18.038 : Buildings, Grounds and Infrastructure Committee February 25th, 2019.
PURPOSE:
To approve the Security Reduction No. 1 for Gramercy Square Unit 1 & Commons Dr. Imp.
BACKGROUND:
City of Aurora municipal code allows for the reduction of a developers security in relation to the value of completed and inspected public improvements that are required for the development. This reduction may not exceed a minimum 20% of the original security value that is required for the one year maintenance period of the developments installed public improvements.
DISCUSSION:
The Subdivision Control Ordinance allows for the partial reduction of improvements securities based upon certification of installed public improvements and verification of same by City staff. Said improvements have been made and certified by the developer's engineer and confirmed by City staff as installed and inspected, and a signed and sealed engineer's cost estimate for the reduction is on file with the City Engineering Division.
IMPACT STATEMENT:
The impact of this action is minimal as it does not transfer or establish City responsibility, maintenance, repair or replacement of any of the Public Improvements that are associated with this reduction. The full responsibility of these public improvements remains with the developer until the expiration of the required, one year, maintenance period for either underground or final acceptance.
RECOMMENDATIONS:
Approve the Security Reduction No. 1 for Gramercy Square Unit 1 & Commons Dr. Imp.
cc: Building Grounds & Infrastructure Committee
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
title
A Resolution to approve Security Reduction No. 1 for Gramercy Square Unit 1 & Commons ...
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