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HomeMy WebLinkAboutAGENDA REPORT 1995 0920 CC REG ITEM 08EAGENDA REPORT CITY OF MOORPARK TO: The Honorable City Council FROM: Dirk Lovett, Assistant City Engineer 9 Prepared by Anthony Cooper, Civil Engine ITEM Y Ali DATE: September 8, 1995 (Council Meeting September 20 , 1995) SUBJECT: Consider Request for the Exoneration and /or Reduction of Bonds for Improvements in the Following Tracts in Mountain Meadows: 4340 -2, 4341 -2, 4342 -3, 4342- 4,(California Community Builders) BACKGROUND: The Mountain Meadow Tracts are located west of Tierra Rejada Road and south of the Arroyo Simi Channel. Pursuant to the Subdivision Agreement, bonds have been purchased by the developer as surety that the street and storm drain improvements will be completed. Street and storm drain improvements have been completed in each of the respective phases as shown on the attached map. DISCUSSION The City is in receipt of a request from California Community Builders (Formerly Urban West Communities) for the exoneration and or reduction of a number of bonds for improvements for Tracts within PC -3. The City Engineer has reviewed that request and, based on the status of the improvements guaranteed by those bonds, recommends the following actions. Tracts 4340 -2, 4341 -2, 4342 -3, 4342 -4 street and storm drain improvements have been completed and bonds should be reduced to 10% for a one year period. 0000-- - j 0 A table has been provided showing the status of bonds being reduced for this project. A map has also been included showing the tracts for recommended bond reduction. TABLE 1: Tract �j 4340 -2 '! 4341 -2 4342 -3 � 4342 -4 Recommended Reduced Amount $ 11,780.00 r $6360.00 $7950.00 $43,170.00 Following is a list (Table 2) of outstanding Urban West improvement bonds for Tracts 4341 through 4342 not being exonerated or reduced at this time. The developer is moving forward to gain release of these bonds at a future date. TABLE 2: Tract Type Bond Surety Co. Present Type -? 4341 -1 Bond Surety Co. Bond Amount $274,850.00 Street & 11141286721 American $29,450.00 Storm Street & 11132540029 Insurance Co $35,700.00 Street & 11132649085 American $15,900.00 Storm Street & 11132649077 Insurance Co. $20,900.00 Street & 11132540037 American $79,500.00 Storm Grading 11132539864 Insurance Co. $160,875.00 Street & 11132648905 American $215,850.00 Storm Street & 11141286739 Insurance Co. $153,000.00 Recommended Reduced Amount $ 11,780.00 r $6360.00 $7950.00 $43,170.00 Following is a list (Table 2) of outstanding Urban West improvement bonds for Tracts 4341 through 4342 not being exonerated or reduced at this time. The developer is moving forward to gain release of these bonds at a future date. TABLE 2: Tract Type Bond Surety Co. Bond Amount Remainin -? 4341 -1 Street & 11132649093 American $274,850.00 Storm Insurance Co. 4342-2 Street & 11132540029 American $35,700.00 Storm Insurance Co. rti 4341 -3 Street & 11132649077 American $20,900.00 Storm Insurance Co. 4342 Grading 11132539864 American $160,875.00 Insurance Co. 4340 -3 Street & 11141286739 American $153,000.00 Storm Insurance Co. 000W ., RECOMMENDATION: 1. Accept the subject improvements as complete. 2. Authorize the City Clerk to reduce the bonds set forth in Table 1 of this report. cc: file City Manager City Clerk wou'52 04 4342-6 p vp p0 20 TR. 43403 17 pR�YE ? :♦ v ft D Ilk 21 s " w L TRACT v 23 yJ 4341 -1 TR. .12 i C C 5C W \ LEGEND • o Bo�dS� °oa Reduce Por- 4142-8 ties f ,act J TRACT — — — — TR. 13 25 F�- W000 StRE� 4341 -4 T R. 14 4142 ����` 4142 -6