HomeMy WebLinkAboutAGENDA REPORT 1993 0908 CC SPC ITEM 08J—':'ARK, CALIFORN"A
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ACTION-
By - �.t 71-' -,.,4W9-1-The Honorable City Council
a�G %014: Kenneth C. Gilbert, Director of Public Works /
DATE: August 24, 1993 (Council Meeting 9 -8 -93)
SUBJECT: Consider Reduction / Exoneration of Certain Bonds for
Tract 4081 (Colmer)
DISCUSSION
Recently the City Council approved a Minor Modification to the
Conditions of Approval for the subject Tract revising certain
requirements for street improvements to Grimes Canyon Road. As we
now know, Grimes Canyon road is not within the City Limits.
Requirements for the construction of improvements to this street
will be administered by the County.
With this clarification and change in direction in the manner in
which the project requirements will be implemented, it is now
appropriate to consider the reduction and /or exoneration of the
outstanding bonds for this project.
Listed below are the bonds for this project, along with recommended
action regarding the exoneration and /or reduction of same. It is
the recommendation of staff that the Performance and Payment bond
only be reduced fifty per cent at this time. A further reduction
and /or exoneration of this bond can be considered when appropriate
bonds for the construction of the Grimes Canyon Road improvements
have been provided to the County of Ventura. Reduction or
exoneration of the Monument Bond and Grading Bond can be considered
after the City Engineer conducts a general review of the site.
Further action on these bonds will be brought back to the City
Council on September 22, 1993.
RECOMMENDED ACTION
Authorize the City Clerk to exonerate and /or reduce bonds for the
subject project to the amounts listed in this report.
exon10
Current
Recommended
Reduced
Item
Type
Bond I
Surety Company
Amount
Action
Amount
A
Trailer Office
022930
Bank of A. Levy
3,000
Exoneration
0
(Letter of Credit)
B
Performance
988071 S
DICO
735,000
Reduce to 50%
366,500
& Payment
C
Monument
988072 S
DICO
13,000
None
13,000
D
Grading
988073 S
RICO
350,000
None
350,000
RECOMMENDED ACTION
Authorize the City Clerk to exonerate and /or reduce bonds for the
subject project to the amounts listed in this report.
exon10