HomeMy WebLinkAboutAGENDA REPORT 2004 0519 CC REG ITEM 10GITEM I o. G.
MOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: Brad Miller, City Engineer ` 7
Prepared by Clara Magana, Assistant Engineer4CA
DATE: April 29, 2004 (CC Meeting of 5/19/04)
SUBJECT: Consider Bond Reduction and Release of Letter of
Credit for Performance Nursery
BACKGROUND /DISCUSSION
The project is located south of South Los Angeles Avenue, North
of the Arroyo Simi and west of Nogales Ave., a vicinity map has
been attached for reference.
The project is a grading project. The owner requests the
reduction of the surety and letter of credit on file with the
City of Moorpark, associated with the above - mentioned project
(see chart below). All work covered under the surety and the
letter of credit has been completed.
The LeLter Vf C reU_LL was an addition to the grading and
improvements surety for additional construction requested by
Thomas Lucas. The loo retention of the grading and improvements
bond is sufficient to cover the above mentioned additional
construction. Staff recommends that the bond be reduced and the
letter of credit be released.
Provided below is a chart describing recommended actions by
staff:
000198
RECOMMENDED
NO.
TYPE
AMT.
ACTION
Grading and
1
B34230829
$51,170.40
Reduce to 100
Improvements
2
3065234832
Letter of Credit
$26,147.89
Release
000198
Honorable City Council
May 19, 2004
Page 2
STAFF RECOMMENDATION
1. Authorize the City Clerk to reduce surety # B34230829 and
release the Letter of Credit #3065234832
2. Authorize the City Clerk to fully exonerate the surety for
Performance Nursery 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
5111 •'
000200
RELEASE OF LETTER OF CREDIT
May 07, 2004
Union Bank of California
256 W. Los Angeles Ave.
Moorpark, Ca 93021
Attention: Tracey Mateko
Subject: IRREVOCABLE LETTER OF CREDIT NO. 306S234832
Subject Letter of Credit dated April 4, 2003 with principal (payable /assigned) to
the City of Moorpark was issued to secure performance of work under Grading
Permit No. 123G. The required work has been satisfactorily completed and you
are hereby authorized to release our claim on the Letter of Credit and reassign
the principal to the original owner.
If you have any questions, please telephone the undersigned at (805)517 -6213.
Deborah S. Traffenstedt, City Clerk
000201