HomeMy WebLinkAboutAGENDA REPORT 2003 0416 CC REG ITEM 10EMOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: Walter Brown, City Engineer
PREPARED BY: Clara Magana, Assistant Engineer C M
DATE: March 20, 2003 (Meeting of April 16, 2003)
SUBJECT: Consider Bond Reduction for Special Devices,
Incorporated, Tract 5004, Located east of the
intersection of the 23 Freeway and New Los
Angeles Ave.
BACKGROUND
The Special Devices Incorporated, LLC, TR 5004, is an industrial
development located east of the intersection of the 23 Freeway
and New Los Angeles Avenue in the City of Moorpark. The project
consists of two commercial lots (8.1 gross acres and 2.38 gross
acres) and a 40.7 gross acre industrial lot. A vicinity map has
been attached for reference.
DISCUSSION
The developer requests the release of the sureties on file with
the City of Moorpark, associated with the above - mentioned
development (see attached chart).
Surety 0835103531861BCM guaranteed grading, paving, and drainage
for Tract 5004 and surety B2881823 guaranteed work on the SR 23
at New Los Angeles Avenue. All work covered under these
sureties has been completed. Staff recommends that this bond be
released.
Provided below is a chart describing recommended actions by
staff:
Honorable City Council
April 16, 2003
Page 2
STAFF RECOWENDATION
1. Authorize the City Clerk to reduce sureties
#083S103531861BCM and #B2881823 to 100.
2. Authorize the City Clerk to fully exonerate sureties 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
RECOMMENDED
BOND NO.
TYPE
BOND AMT.
ACTION
Grading, Paving,
1
0835103531861BCM
$684,416.00
Reduce to loo
Drainage
2
B2881823
Perfomance
$600,000.00
Reduce to 100
STAFF RECOWENDATION
1. Authorize the City Clerk to reduce sureties
#083S103531861BCM and #B2881823 to 100.
2. Authorize the City Clerk to fully exonerate sureties 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
c