HomeMy WebLinkAboutAGENDA REPORT 2000 0315 CC REG ITEM 11EITEM //
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MOORPARK CITY COUNCIL .— -_- - - - - -- -
AGENDA REPORT}'
TO: Honorable City Council
FROM: Dirk Lovett, Assistant City Engineer
Prepared by Scott Lawson, Assistant Civil Engineer
DATE: March 1, 2000 (CC meeting of March 15, 2000)
SUBJECT: CONSIDER REDUCTION OF IMPROVEMENT BONDS FOR
IMPROVEMENT OF LOTS 1,2 and 3 - CONDOR DRIVE ,TRACT
3492
BACKGROUND
Lots 1, 2 and 3 of Tract 3492 are bordered by Los Angeles Avenue
to the west, the 118 freeway on -ramp to the north and Condor
Drive to the south. A vicinity map is attached for your
reference (see Exhibit A). Site development included grading,
storm drain and street improvements.
DISCUSSION
Construction and installation of grading, storm drain and street
improvements have been completed in accordance with the approved
plans and conditions of development. The City is currently
holding bonds for grading, storm drain and street improvements.
The developer is requesting a reduction of these bonds at this
time.
It is the City's policy to reduce sureties for public
improvements to 10% for a period of one year following City
acceptance of the improvements. Grading bonds are exonerated
upon City acceptance of grading improvements. All conditions
for the reduction of the security are complete; therefore, it is
appropriate to reduce /exonerate the securities as outlined in
the following table:
1 of 2 00(02,bu
Type
Bond No
Surety Co.
Current
Recommended
Status
Action
American
Reduce to
(Performance)
76517
Contractors
$160,000
100
Indemnity Co.
American
Reduce to
(Labor)
76517
Contractors
$160,000
100
Indemnity Co.
American
(Grading)
76517
Contractors
$30,000
Exonerate
Indemnity Co.
STAFF RECObMNDATION:
1. Accept the improvements as complete.
2. Authorize the City Clerk to exonerate the grading bond at
this time, and to reduce the storm drain and street
improvement bonds to 10o for a one year maintenance period.
The exoneration of the street improvement and storm drain
bonds are subject to the Engineering Department's final
approval at that time.
cc: Ken Gilbert
City Clerk
Chron
File 88.004
o0O
2 of 2 k. r -) I
NOT TO SCALE
*14101T A
CAI
GNUS PAN .
,e.- SITE
TRACT 3492
VICINITY MAP
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