HomeMy WebLinkAboutAGENDA REPORT 1991 0619 CC REG ITEM 08II
ITEM
Opp rO L'f,
�� o RPARK
799 Moorpark Avenue ' Aoorpark, (�alifornia 93021 (805) 529 -6864
M E M O R A N D U M
TO: The Honorable City Counw:il
FROM: Kenneth C. Gilbert, Director of Public Works
DATE: June 13, 1991 (Council. Meeting 6- 19 -91)
SUBJECT: Bond Reduction and Exoneration
Tract 3019 & Tract 3525 (Warmington)
OVERVIEW
This requests approval of the reduction and /or exoneration of
certain bonds related to the subject subdivisions (Exhibit 1).
DISCUSSION
A. Background
Final inspection of this development has been completed and all
of the public improvements have been found to be complete. Just
recently a defective driveway and sidewalk on Williams Ranch
Road was replaced by the developer. Street subsidence problems,
believed to be related to the sewer and /or storm drain
construction, are scheduled to be repaired within the next few
weeks. Staff recommends that all public improvements be
accepted, subject to the intended repairs noted above. The
surety company which issued al'. of the bonds discussed in this
report is the Insco /Dico Group
B. Bond Exoneration
Upon acceptance of the improvements it is appropriate to
exonerate certain bonds unrelated to the one year maintenance
period. Bonds recommended t be exonerated are listed as
follows:
Type
Tract 3019
Grading
Monument
Tract 3525
Grading
Monument
Fencing
PAUL W LAWRASON JR
Mayor
Bond Nr., , � Amount
MOORPARK, CALIFORNIA
9 337 i`
$255,000, G Council Meeflng
931837 $71,654• of 9 199
A ON:
931302 $180,000'
931841: $51,304
945011` $388,669•
BERNARDO M PEREZ SCOTT M( ^'GOO, R` ROY E TALLEY JR JOHN E. WOZNIAK
Mayor P,o Ter- C_ar. ^Mr+ Councilmember
Councilmember
Tracts 3019 & 3525
Page 2
C. Reduction of Bond Amounts
Upon acceptance of improvements it is appropriate to reduce the
amounts of certain bonds to ten per cent (10 %) of their - original
value. The remaining ten per cent (10 %) bond is held as
guarantee for the required one year maintenance period. The
reduced bond is exonerated at the end of the one year
maintenance period. Bonds recommended to be reduced to ten per
cent of their original value are listed as follows:
1. Accept the off -site improvements for Tracts 3019 & 3525.
2. Authorize the City Clerk to exonerate certain bonds defined
herein.
3. Authorize the City Clerk to reduce certain bonds to certain
specified amounts as set forth �ierein
Copy: City Manager
City Engineer
Willdan Associates
Bond � ..
original
Amount
Reduced
Aacu t
.Tract 3019
Storm Drain
9318:36.
$410,000-
$41,000.00
Street Improvements
9318:35t�
$725,000-
$72,500.00
',j,'rac_t 3525
Storm Drain
931840:
$150,000,
$15,000.00
Street Improvements
9318 :39�
$520,000>
$52,000.00
1. Accept the off -site improvements for Tracts 3019 & 3525.
2. Authorize the City Clerk to exonerate certain bonds defined
herein.
3. Authorize the City Clerk to reduce certain bonds to certain
specified amounts as set forth �ierein
Copy: City Manager
City Engineer
Willdan Associates