HomeMy WebLinkAboutAGENDA REPORT 2015 0902 CCSA REG ITEM 10L ITEM 10.L.
CITY OF MOORPARK,CALIFORNIA
City Council Meeting
MOORPARK CITY COUNCIL ANION: 9 ao
AGENDA REPORT ___i_g °'i __i
BY: y/7 , p �
TO: Honorable City Council
FROM: Dave Klotzle, City Engineer/Public Works Director
Prepared By: Al Gali, Assistant Engineer I( 1
DATE: August 21, 2015 (CC Meeting of 09/02/15)
SUBJECT: Consider Surety Bond Exoneration (Bond Nos. 0570313, 0570314,
0570315, 0570316, 0570318, 0570319, 0570322, and 0570323) for
Resmark Equity Partners, Tract 5187-1, Tract 5187-2 and Tract 5405
as Equivalent Replacement Sureties Have Been Submitted by K.
Hovnanian Homes
BACKGROUND
Tract 5187-1, Tract 5187-2, and Tract 5405 are part of a 265-home subdivision housing
development located on Meridian Hills Drive off of Walnut Canyon Road as shown on
Attachment 1.
DISCUSSION
K. Hovnanian Homes, the current developer, took over the subject projects from
Resmark Equity Partners (Resmark) in late 2014. Resmark has requested exoneration
of the subject surety bonds for this development. K. Hovnanian Homes has posted
equivalent replacement bonds. These surety bonds are used as a mechanism to
guarantee the construction and completion of improvements for this development. A
majority of the improvements are complete and several of the bonds have been
previously reduced accordingly as noted in the table on the following page. Resmark
previously posted surety bonds for the accessibility modifications to the multi-purpose
trail and sidewalk, as well as for the Peters' driveway improvements. No action is
proposed to be taken on these two bonds at this time.
S:\Public Works\Everyone\Reports\Staff Reports\2015\September\09-02-2015(TR5187-5405 Bond Exoneration)doe 9 6
Honorable City Council
September 2, 2015
Page 2
Staff recommends that the Resmark surety bonds described below be fully exonerated.
SURETY BOND NUMBER ORIGINAL PRIOR AUTHORIZED
TYPE BOND AMT. AUTHORIZED ACTION OF
ACTION 9/2/2015
Tract 5187-1 0570314 $3,456,728.08 Reduced to Exoneration
Performance $1,000,000
and Payment
Tract 5187 0570315 $5,294,959.83 Reduced to Exoneration
Grading $1,000,000
Tract 5187-2 0570319 $2,063,941.02 Reduced to Exoneration
Performance $1,000,000
and Payment
Tract 5187 0570313 $509,975.40 NONE Exoneration
Performance
and Payment
Tract 5405 0570322 $149,941.34 NONE Exoneration
Performance
and Payment
Tract 5405 0570323 $22,418.23 NONE Exoneration
Monuments
Tract 5187-1 0570318 $189,929.87 NONE Exoneration
Monuments
Tract 5187-2 0570316 $167,013.29 NONE Exoneration
Monuments
FISCAL IMPACT
None.
STAFF RECOMMENDATION
Authorize the City Clerk to fully exonerate Surety Bonds Nos. 0570313, 0570314,
0570315, 0570316, 0570318, 0570319, 0570322, and 0570323 for Resmark Equity
Partners, Tract 5187-1, Tract 5187-2 and Tract 5405.
ATTACHMENT
1 - Vicinity Map
S:\Public Works\Everyone\Reports\Staff Reports@015\September\09-02-2015(TR5187-5405 Bond Exoneration)doe 9 7
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ATTACHMENT 1
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VICINITY MAP NTS
TRACTS 5181 8, 5405
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