HomeMy WebLinkAboutAGENDA REPORT 1998 0401 CC REG ITEM 11EITEM} 11 • E a
Crff OF MOORPAR& CALIFORM
AGENDA REPORT City Council Meeting
CITY OF MOORPARK of &pr i I ( .199?)
ACTivN:, A� , e
TO: The Honorable City Council II Y • k
Y of
FROM: Dirk Lovett, Assistant City Engineer
Prepared by Jim Colton, Associate Civil Engineer
DATE: March 25, 1998 (City Council Meeting of April 1, 1998)
SUBJECT: Consider request for the Exoneration or Reduction of Bonds for improvements in
the following Tracts in Mountain Meadows: 4340 -5, 4341, 4341 -2, 4342 -1
(UWC- Moorpark Investors, LTD)
BACKGROUND
The Mountain Meadow Tracts are located west of Tierra Rejada Road and south of the Arroyo
Simi Channel. A vicinity map has been attached for your reference.
Four of the bonds described below for street, storm drain, grading, park and monument
improvements have been previously reduced by Council action in the past. All work covered by
these bonds have been accepted by the City and one year has lapsed since the City Councils
acceptance, the other bonds have not been reduced by previous Council action.
DISCUSSION
The City is in receipt of a letter from UWC- Moorpark Investors, LTD requesting the exoneration
or reduction of a number of bonds for improvements for Tracts within PC -3. City Engineering
has reviewed the request, and based on the status of the improvements guaranteed by those
bonds, recommends that certain improvements be accepted as complete and the respective bonds
be exonerated or that certain bonds be reduced to ten percent subject to a one year maintenance
period prior to final exoneration.
Provided below is a chart describing the past actions along with the recommended actions.
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TRACT
BOND NO.
TYPE
BOND AMT.
REMAINING
PREVIOUS
RECOMMENDED
&
SURETY
COUNCIL
ACTION
COUNCIL
ACTION
1
4340 -5
32649184
American
Monument
$17,300
None
Reduce to 10%
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RECOMMENDATION
1) Accept the subject improvements as complete.
2) Authorize the City Clerk to exonerate or reduce the bonds as set forth in the above table of this
report.
3) Authorize the City Clerk to exonerate the reduced bonds after the one year maintenance
period, subject to Engineering final approval at that time.
cc: Ken Gilbert
City Clerk
Chron
File
[BOND_EX4.WPDl
'i)XV4 03
TRACT
BOND NO.
TYPE
BOND AMT.
REMAINING
PREVIOUS
RECOMMENDED
&
SURETY
COUNCIL
ACTION
COUNCIL
ACTION
2
4340 -5
32649101
American
P &P
$80,400
None
Reduce to 10%
3
4341
169980S
Developers
Park
$26,412
Reduced to
10%
Exonerate
4
4341
32539856
American
Grading
$41,250
Reduced to
10%
Exonerate
5
4342 -1
32540045
American
P &P
$55,260
Reduced to
10%
Exonerate
6
4341 -2
3269085
American
P &P
$6,360
Reduced to
10%
Exonerate
RECOMMENDATION
1) Accept the subject improvements as complete.
2) Authorize the City Clerk to exonerate or reduce the bonds as set forth in the above table of this
report.
3) Authorize the City Clerk to exonerate the reduced bonds after the one year maintenance
period, subject to Engineering final approval at that time.
cc: Ken Gilbert
City Clerk
Chron
File
[BOND_EX4.WPDl
'i)XV4 03
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