HomeMy WebLinkAboutAGENDA REPORT 1993 0616 CC REG ITEM 08NAGENDA REPORT
CITY OF MOORPARK
TO:
THE
HONORABLE
CITY COUNCIL
FROM:
DIRK
LOVETT,
ASSISTANT CITY
DATE:
JUNE
9, 1993
(COUNCIL MEETING
ITEM S?* He
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Atavii
ENGINEER
OF JUNE 16, 1993)
SUBJECT: EXONERATION OF IMPROVEMENT BONDS FOR SCIENCE DR.
AND PEACH HILL ROAD (CARLSBERG SCHOOL).
In June 1992 the City Council signed an Improvement Agreement with
Conejo Freeway Properties and Simi Moorpark Freeway Properties
(Carlsberg) to grade, install storm drain, and construct street
improvements on Peach Hill Road and Science Drive to facilitate a
new middle school. A location map is attached for your reference.
Installation of storm drain and grading improvements within the
project have been completed and all conditions relating to
reductions of the securities have been met. The approved conditions
of the Improvement Agreement allow reduction of all securities to
10% for the period of one year following the City's approval of
each improvement item. Street improvements are being completed at
this time and will require final inspection prior to city approval
and reduction of bonds.
It is therefore appropriate to accept the grading and storm drain
improvements as complete and reduce the improvement securities
listed below.
American Motorists Insurance Company:
Tyge: Amount Bond No
Grading: 3SM 775 685 00
Performance $608,608
Lab. and Mat. $304,304
Drainage: 3SM 775 687 00
Performance $426,525
Lab. and Mat. $213,262
1. Accept the above improvements as complete.
Authorize the City Clerk to reduce the bonds referenced herein
to 10 o for the period of one year. Bonds shall immediately be
exonerated at the end of one year after review and approval by
the City Engineer.
co: CC BondEx Carlsberg School
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SCIENCE DRIVE
PEACH HILL ROAD
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June 4, 1993
Mr. Dirk Lovett, City Engineer
City of Moorpark
799 Moorpark Avenue
Moorpark, CA 93021
Re: Subdivision Bonds - Grading, Drainage and Street Improvements
School Site
Dear Mr. Lovett:
In accordance with the provisions of the Improvement Agreement
dated May 12, 1992, the Developer has completed and the city has
inspected completed improvements as of this date as follows:
School Site Improvements Bond Number Bond Amounts
Grading Improvements 3SM 775 685 00 $608,608 Performance
$3041,304 Lab. & Mat.
Drainage Improvements 3SM 775 687 00 $426,525 Performance
$213.262 Lab. & Mat.
Also, inspection of Street Improvements; secured by Bond Number 3SM
775 686 00 in the amounts of; $281,932 and $140,966 for Performance
and Labor & Material, respectively, is scheduled on or before June
9, 1993.
Accordingly, we respectfully request that a an action item be
placed on the June 16, 1993 City Council agenda to reduce the above
surety bonds amounts to the following amounts:
Grading Improvements
Drainage Improvements
Street Improvements
$60,861 Warranty
$42,623 Warranty
$71,759 Warranty
The reduced Street Improvements bond amount includes $46,566 in
addition to the standard 10% warranty amount to cover 1 1/2 inches
of AC, striping and signs which are to be installed on completion
of the school.
Yours truly,
CONEJO FREEWAY PROPERTIES, LTD.
BY: LAND RESEARCHERS, INC., General Partner
BY: Ronald S. Tanke s y, President
cc Lloyd Laycook
William J. Shupper - American Motorists Insurance Company
2800 Twenty - Eighth ar6Pt, Su9e 200 Santa Monica, C&Idornia 90405 (213) 450 -A700 FAX (2131450-5313