HomeMy WebLinkAboutAGENDA REPORT 2003 0402 CC REG ITEM 10FMOORPARK CITY COUNCIL
AGENDA REPORT
ITEM 10• r-
of
BY: -11-h
TO: Honorable City Council
FROM: Barry K. Hogan, Community Development Directo
Prepared By: Scott Wolfe, Principal Planne
DATE: March 25, 2003 (CC Meeting of 4/2/03)
SUBJECT: Consider the Release of Construction Bond for Building
600 at 14370 White Sage Road, Special Devices,
Incorporated (SDI) (Industrial Planned Development No.
1995 -02)
BACKGROUND
On April 8, 1999, SDI provided a performance bond in the amount
of $331,000.00 for the completion of Building 600 of the SDI
complex (Active Bond # 083SB10361681OBCM (Original Bond #
B2920064)). Subsequently, the applicant completed the required
work and requested the necessary inspections, which have now
been successfully completed.
DISCUSSION
Citing completion of this project, SDI now requests exoneration
of this bond. Verification of completion of the guaranteed
items to the satisfaction of the Building Official and the
Community Development Director has taken place. A final
Certificate of Occupancy has been issued for Building 600.
To ensure the completion of any other outstanding issues on the
SDI project site, the City also holds a cash deposit in the
amount of $300,000.00. However, these outstanding issues are
not related to Building 600, and staff finds it appropriate to
release the bond at this time.
A separate release request for a bond in the amount of
$684,415.60 for the completion of grading, paving, and drainage
improvements of Tract 5004 has also been made. This item is
being addressed by another report from the City Engineer.
000228
Honorable City Council
April 2, 2003
Page 2
STAFF RECOMENDATION
Direct staff to release the bond for the completion of Building
600 (Bond # 083SB103616810BCM).
S: \Community Development \DEV PMTS \I P D \1995 \02 SDI \cc 030401 sdi bond release.doc