HomeMy WebLinkAboutAGENDA REPORT 2003 0416 CC REG ITEM 10DTO:
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BACKGROUND
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MOORPARK CITY COUNCIL
AGENDA REPORT
Honorable City Council
Walter Brown, City Engineer u1`�
Clara Magana, Assistant Engineercm
March 20, 2003 (Meeting of April 16, 2003)
Consider Bond Reduction for JIN Industrial
Investment, LLC, Located on the Easterly side of
Condor Drive
JIN Industrial Investments, LLC, IPD 99 -04, is an industrial
development located on the easterly side of Condor Drive in the
City of Moorpark. A vicinity map has been attached for
reference.
DISCUSSION
The developer requests the reduction of the 2 sureties on file
with the City of Moorpark, associated with the above - mentioned
development (see attached chart).
These sureties guaranteed grading, excavation, erosion control,
and faithful performance. All work covered under these sureties
has been completed. Staff recommends that these bonds be
reduced.
Provided below is a chart describing recommended actions by
staff:
000065
BOND NO.
TYPE
BOND AMT.
RECOMMENDED ACTION
1
128830
Grading
$394,000
Reduce to 100
Performance and
2
128831
$20,000
Reduce to 100
Payment
000065
Honorable City Council
April 16, 2003
Page 2
STAFF RECOMMENDATION
1. Authorize the City Clerk to reduce sureties #128830 and
#128831 to 100.
2. Authorize the City Clerk to fully exonerate surety for IPD
99 -04 one year after this approval of the reduction of
surety bond and upon written confirmation from the City
Engineer that no warranty work is required.
ATTACHMENT:
1. Exhibit `A' Vicinity Map
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EXHIBI T A'
CI TY OF MOORPARK
IPD 99 -04
JIN INDUSTRIAL
INVES71E NT, L L C
000067