HomeMy WebLinkAboutAGENDA REPORT 1994 0921 CC REG ITEM 08NITEM-Z_ff.
AGENDA REPORT
C I T Y O F MOORPARK ti;pp AN, CAUFC'":'A
TO: The Honorable City Council councf Moc'. t
FROM: Kenneth C. Gilbert, Director of Public Works oN:
DATE: September 13, 1994 (Council Meeting 9- 21 -94)
By
SUBJECT: Consider Approval of a Request to Replace Bonds Submitted
for LDM 90 -2 [Commercial Property at Tierra Rejada Road
& Mountain Trail Street].
DISCUSSION
The current owner (Urban West Communities) of the commercial
property at the southwest corner of Tierra Rejada Road and Mountain
Trail Street is being sold to a new owner. The buyer and seller
have requested that new bonds be substituted for the bonds
presently being held by the City for this development.
A list of the bonds to be exonerated upon receipt of replacement
bonds is
as follows:
Original
Current
Recommended
File Ho.
Bond t Ref
Surety Co.
Type
Amount
Amount
Action
LDN 90 -2
11132826402 144 -4
American
Grading
40,000
40,000
Exonerate Upon
Ins Co
Parel 'A'
Replacement
LDM 90 -2 .11132826410
144 -2
American
Performance /
10,000
10,000
Exonerate Upon
Ins Co
Payment
Replacement
LDN 90 -2
11132826444 144 -1
American
Performance &
250,000
250,000
Exonerate Upon
Ins Co
Payment Storm
Replacement
Drain
LDN 90 -2
11132826436 144 -5
American
Tierra Rejada
75,000
75,000
Exonerate Upon
Ins Co
Paveout /
Replacement
Striping
It is the
intent of staff to review the Conditions
of Approval and
the Subdivision
Undertaking
Agreement
for
LDM 90 -2
to confirm the
scope and
requirements
for the
construction
of on -site and
off -site
4- -+rovPments,
and to
require
the new owner to
provide bonds