HomeMy WebLinkAboutAGENDA REPORT 1998 0415 CC REG ITEM 11ITO:
FROM:
AGENDA REPORT
CITY OF MOORPARK
THE HONORABLE CITY COUNCIL
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ITEM ��•
CITY OF MOORPARK. CALIFORNIA
City Council Meeting
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i ^ n a y to L i l t
BY: is
DIRK LOVETT, ASSISTANT CITY ENGINEER
Prepared by: David Grantham, Assistant Engineer
DATE: APRIL 8, 1998 (CC MEETING OF APRIL 15,1998)
SUBJECT: CONSIDER THE ACCEPTANCE OF IMPROVEMENTS AND BOND
REDUCTION FOR TRACT 3963 -4 - WARMINGTON HOMES
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Tract 3963 -4 is a residential development located near Moorpark College. A vicinity map is
attached for your reference. Site development included grading, storm drainage devices and the
construction of Borges Drive, Mallory Court, Harte Lane, Alumni Way and Imbach Place. The
Tentative Map was submitted by Griffin Homes and approved by the City Council on February 18,
1986. Prior to completion of Tract 3963 -4, Watmington Homes purchased the remaining lots of
Tract 3963 -4. Warmington Homes filed Major Modification Number 3 relating to the construction
of the final 87 homes and the City Council approved the modification on July 20, 1994.
Construction and installation of all grading, drainage devices, streets and survey monumentation
have been completed in accordance with the approved plans and ate in satisfactory condition at this
time. Bonds for street improvements, drainage improvements, grading and monumentation were
submitted by the developer to the City and the developer is requesting the release of these bonds.
All conditions for the reduction of the security is complete and therefore it is appropriate to reduce
or exonerate the security as outlined in the following table:
000107 i
Current
Recommended
Reduced
Type
Bond #
Surety Co.
Status
Action
Amount
Street and
Insurance
Drainage
1350310
Company of
$221,900
Reduce to 10%
$22,190
(Performance)
the West
Street and
Insurance
Drainage
1350310
Company of
$221,900
Reduce to 10%
$22,190
(Labor)
the West
Model Home
Insurance
Parking Area
1350312
Company of
$50,000
Exonerate
N/A
(Performance)
the West
Street and
Developers
Drainage
971399S
Insurance
$795,300
Reduce to 10%
$79,530
(Performance)
Company
000107 i
The grading and monumentation is complete and can be exonerated at this time. The model
complex and parking area no longer exist therefore that bond can be exonerated. It is the City's
policy to reduce public improvement bonds to 10% for a one year maintenance period and then
exonerate pending satisifactory condition of the improvements.
RECOMMENDATION:
1. Accept the improvements as complete.
2. Authorize the City Clerk to exonerate the Grading, Parking Area, Monumentation bonds
and the check deposit.
3. Authorize the City Clerk to reduce the street and drainage bonds to 10% for a one year
maintenance period, subject to the Engineering Department's final approval at that time.
OO 075
Current
Recommended
Reduced
Type
Bond #
Surety Co.
Status
Action
Amount
Developers
Grading
971400S
Insurance
$270,300
Exonerate
N/A
Company
Developers
Monumentation
971401S
Insurance
$83,000
Exonerate
N/A
Company
Check Deposit
N/A
N/A
$500
Exonerate
N/A
The grading and monumentation is complete and can be exonerated at this time. The model
complex and parking area no longer exist therefore that bond can be exonerated. It is the City's
policy to reduce public improvement bonds to 10% for a one year maintenance period and then
exonerate pending satisifactory condition of the improvements.
RECOMMENDATION:
1. Accept the improvements as complete.
2. Authorize the City Clerk to exonerate the Grading, Parking Area, Monumentation bonds
and the check deposit.
3. Authorize the City Clerk to reduce the street and drainage bonds to 10% for a one year
maintenance period, subject to the Engineering Department's final approval at that time.
OO 075
TRACT NO. 3963 -4
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CIRCE
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VICINITY MAP
SCALE : l'- 1000'