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CONSIDERATION OF THE RELEASE OF THE OWNERS OBLIGATION OF PAVING AND SIDEWALK IMPROVEMENTS AND THE RETURN OF CASH SURETY IN THE AMOUNT OF $110,552.70 FOR DEFERRED CONSTRUCTION OF PAVING AND SIDEWALK IMPROVEMENTS FOR ROCK CREEK ROAD IN CONNECTION WITH DEERFIELD ADDITION, SECTION 5.
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BACKGROUND: City Council, at its meeting of June 12, 2001, approved deferred construction for paving and sidewalk improvements in connection with Deerfield Addition, Section 5 (generally located 745’ east of 12th Avenue N.E. on the north side of Rock Creek Road) subject to receipt of payment in cash or certificate of deposit. The owners submitted Certificate of Deposit No. 696930 to City Staff in the amount of $110,552.70. The final plat dedicated Rock Creek Road right-of-way and the final plat was filed of record with the Cleveland County Clerk on August 17, 2006. Deerfield Addition, Section 5 is a single-family residential development of 22 lots with street access to Rock Creek Road. City Council has previously returned deferrals for Mountain Ash Addition and Windstone Addition; in relation to the Rock Creek Road Street Paving and Sidewalk Project.
DISCUSSION: The improvements were completed in 2011, as part of a federally-funded Oklahoma Department of Transportation (ODOT) and City Bond Paving Project for Rock Creek Road. Capital funds were not utilized for this project. City policy dictates that development (deferred) fees shall be used only after federal and bond funds have been exhausted. In the case of the East Rock Creek Road Bond Project, federal and bond funds were sufficient to complete the project. The owners have requested that the City release the obligation and return the cash surety for the deferred construction for paving and sidewalk improvements. It should be noted the Rock Creek Road Street Paving and Sidewalk Project did not connect the sidewalks adjacent to Rock Creek Road with the sidewalks of the development. The owners have agreed to connect the sidewalks at their cost.
STAFF RECOMMENDATION: Based upon the above information, Staff recommends the release of the obligation of the owners for paving and sidewalk improvements for Rock Creek Road and the return of cash surety in the amount of $110,552.70.