HomeMy WebLinkAboutAGENDA REPORT 1999 0901 CC REG ITEM 11FTO:
FROM:
DATE:
A
ITEM P. r
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MOORPARK CITY COUNCIL
AGENDA REPORT
Honorable City Council
Dirk Lovett, Assistant City Engineer
Prepared by Rick Valte, Engineering Department
August 19, 1999 (CC meeting of September 1, 1999)
SUBJECT: Consider Exoneration of Bond #M102609 and #M102610 for
Subdivision Improvement and Grading of IPD 96 -2 (West
America Construction Corporation)
BACKGROUND
IPD 96 -2 is an industrial development located at #331- #357
Science Drive. A vicinity map is attached for your reference
(see Exhibit A). Site development included grading, and street
improvements.
DISCUSSION
Construction and installation of all grading and street
improvements have been completed in accordance with the approved
plans and conditions of development. The City is currently
holding bonds for grading and street improvements and the
developer is requesting the release of these bonds at this time.
It is the City's policy to reduce street (public) improvement
bonds to 10% for a one -year maintenance period and then
exonerate pending satisfactory condition of the improvements.
Construction was completed on April 24, 1998. Consequently, the
one -year maintenance period ended on April 23, 1999. All
conditions for the release of the security have been completed.
It is therefore appropriate to exonerate the security as
outlined in the following table:
000 3u'l
Honorable City Council
August 19, 1999
Page 2
Type
Grading
Bond No
M102610
Surety Co.
Surety Co. of
Current
$84,351.00
Recommended
Exonerate
the Pacific
Improvements
M102609
Surety Co. of
the Pacific
$52,762.00
Exonerate
STAFF RECOMMENDATION:
1. Accept the improvements as complete.
2. Authorize the City Clerk to exonerate the Grading and
Street Improvement Bond.
cc: Chron
File #86.144
0003Zus
L OCA DON AND VlCiNITY MAP
PROJECT
L OCA TION
ARROYO
SI M
SPRING
ROAD
NO SCALE
Exhibit A
SCIENCE
DRIVE
LOS ANGELES
AVENUE
000: