MEMO DETAILS:
Windjam 7, developer of Villas at Forest Hills is requesting the Village to accept the road and right-of-way of Winged Foot Road as originally intended when the development was approved.
Winged Foot Road is the final road to be dedicated to the Village within this development and is completely built out with most, if not all, homes sold and occupied.
The road, sidewalk and associated infrastructure has been inspected and a punch list of items remains to be completed. The Village currently holds a cash financial guarantee in the amount of $37,875 from Windjam 7 and Windjam 7 wishes to forfeit the guarantee in favor of the Village so that punch list items may be expeditiously completed. Windjam 7 has further committed to cover cost over runs up to a grand total of $45,000.
Village staff have reviewed costs to complete punch list items and is confident the needed repairs can be accomplished within the existing $37,875 financial guarantee. The primary costs associated with the punch list is road repairs. Based on unit pricing quotes received for the FY23 Village-wide road resurfacing project, this road will be brought up to standard for a cost of $18,000. There are a few concrete sidewalk repairs, curb and gutter repairs, and some minor shoulder rehabilitation that should easily fall within the balance of $19,875.
Being the development is complete and the residents living on this road will have punch list items addressed more quickly by the Village, staff recommends we accept the forfeiture of the financial guarantee along with the road dedication and proceed with the punch list items.
If Council concurs with the staff's recommendation, adoption of the accompanying ordinance will be necessary.
Thanks.