HomeMy WebLinkAboutAGENDA REPORT 2005 0706 CC REG ITEM 10KMOORPARK CITY COUNCIL
AGENDA REPORT
rrEM 10- K -
CITY OF MObRPARK, CALIFORNIA
City Council Meeting
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TO: Honorable City Council �%
FROM: Brad Miller, City Engineer l�G•�C
Prepared by Adam Burks, Assistant Engineer A6
DATE: June 17, 2005 (City Council Meeting of
July 6, 2005)
SUBJECT: Consider Surety Bond Reductions for USA
Properties Fund, Inc. (Vintage Crest Senior
Apartments, L.P.)
BACKGROUND
This project was an apartment complex development at 4700 Park
Lane. It is located at the southern end of Park Lane. A vicinity
map has been attached for reference.
DISCUSSION
The developer requests the reduction of the four surety bonds on
file with the City of Moorpark associated with the
aforementioned development (see attached chart).
These sureties guarantee the Performance and Payment Horizontal
Control, Grading and Storm Drain, Performance and Payment Street
Improvements and Monuments on the premises known as Vintage
Crest Senior Apartments (4700 Park Lane) . All portions covered
under these sureties are complete. Staff recommends that the
surety bonds be reduced to 100 of the face value.
000120
Honorable City Council
June 17, 2005
Page 2
Provided below is a chart describing recommended actions:
STAFF RECOMMENDATION
1. Authorize the City Clerk to reduce the afore - mentioned Surety
Bonds referenced in this report to 10% for USA Properties Fund
Inc.
2. Authorize the City Clerk to fully exonerate the referenced
sureties for USA Properties Fund Inc. one year after the
approval of the reduction of the surety bonds and upon written
confirmation from the City Engineer that no warranty work is
required.
ATTACHMENT:
1.Exhibit `A' Vicinity Map
000121
RECOMMENDED
BOND NO.
TYPE
BOND AMT.
ACTION
Surety Bond
Performance &
Payment -
1
#3SM04976000
Horizontal
$910,821.56
Reduce to 10%
Control, Grading &
Storm Drain
Improvements
Surety Bond
2
#66111212
Performance &
$97,066.38
Reduce to 10%
Payment Street
Improvements
3
#3SM04650900
Surety Bond
$7,314.00
Reduce to 10%
Monuments
4
#66111213
Surety Bond
$1,480.27
Reduce to 10%
Monuments
STAFF RECOMMENDATION
1. Authorize the City Clerk to reduce the afore - mentioned Surety
Bonds referenced in this report to 10% for USA Properties Fund
Inc.
2. Authorize the City Clerk to fully exonerate the referenced
sureties for USA Properties Fund Inc. one year after the
approval of the reduction of the surety bonds and upon written
confirmation from the City Engineer that no warranty work is
required.
ATTACHMENT:
1.Exhibit `A' Vicinity Map
000121