HomeMy WebLinkAboutAGENDA REPORT 2003 0205 CC REG ITEM 10JTO:
FROM:
PREPARED BY:
DATE:
SUBJECT:
BACKGROUND
�fk�r._�ria''�,
MOORPARK CITY COUNCIL
AGENDA REPORT
Honorable City Council
Walter Brown, City Engineer
Clara Magana, Assistant Engineer (µ
January 16, 2003 (Meeting of February 5, 2003)
Consider Bond Reduction for TOLL CA L.P., Tract
4928 -1 and Tract 4928 -2
Tract 4928 -1 and Tract 4928 -2 are a single family residential
plar_ned development. It is bounded on the west by Walnut Canyon
Road ;H_ghway 23;, on the east by Grimes Canyon Road, and the
south by the northerly boundary of the City limits.
Resolution No. 96 -1197 aoorov'ng
4928, Conditional Use Permit CUP
Development 94 -1 was adopted by
1996.
DISCUSSION
Vesting Tentative Tract Vap
94 -1 and Residential Planned
the City Council on April _7,
The developer, TOLL CA L.P., requests the reduction_ of two
sureties retained by the City associated with the above- mentioned
development. The sureties are for Tract 4928 -1 and 'Tract 4928 -2
wh -ch are shown in the surety documents as Tract 4928 -1 and
Tract 4928 -1B.
-here sureties guarantee grading, excavation and erosion
control. Portions of the grading, erosion control and permanent
planting covered under these sureties are not yet complete.
Staff recommends that these bonds be reduced to 50 of the face
value of 7-he bonds. The remaining 50% is sufficient to
000204
Honorable City Council
February 5, 2003
Page 2
guarantee the completion of the grading, excavation and erosion
control.
Provided below is a chart describing recommended act =ons by
staff.
STAFF RECOMN1ENDATION
Autrcrize the City Clerk to reduce sureties #29148903 and
4929140606 as outlined in the agenda repo--t.
ATTACHMENT:
1. Ex_Y- :ib.it `A' Location `dap
BOND NO.
TYPE
BOND AMT.
RECOMMENDED
ACTION
Reduce to
1.
29148903
Grading
$7,466,756.00
50--'
?_
929140606
Grading
$2,187,585
Reduce to
1
50% J
STAFF RECOMN1ENDATION
Autrcrize the City Clerk to reduce sureties #29148903 and
4929140606 as outlined in the agenda repo--t.
ATTACHMENT:
1. Ex_Y- :ib.it `A' Location `dap