HomeMy WebLinkAboutAGENDA REPORT 1990 0606 CC REG ITEM 08J MOORPARK ITEM -aT.
BERNARDO M. PEREZ QpPK °q�,t STEVEN KUENY
Mayor ooP °v City Manager
SCOTT MONTGOMERY F 9 CHERYL J. KANE
Mayor Pro Tern City Attorney
ELOISE BROWN ° )OR?ARK, CALIFORIJ ATRICK RICHARDS,A.I.C.P.
Councilmember o m Director of
v4° o City Council Meeting Community Development
CLINT HARPER, Ph.D. 4 1^
Councilmember of 199 R. DENNIS DELZEIT
PAUL W. LAWRASON,Jr. City Engineer
Councilmember ACTT JOHN V. GILLESPIE
LILLIAN KELLERMAN Chief Police
City Clerk RICHARD D T. HARE
BY _ City Treasurer
M E M O R A N D U M
TO: The Honorable City Council
FROM: Patrick J. Richards, Director of Community Development TJ T(
j�
DATE: June 1, 1990 (C.C. Meeting 6/6/90)
SUBJECT: Closing of Detour Construction Account at 10951 West Los
Angeles Avenue
Background
As successor developer, Morton Capital Management was responsible,
pursuant to an escrow agreement, for creating an account to hold
the funds for the off-site improvements along Highway 118 in front
of the American Products Building. This work has been completed
and fully accepted and inspected by the City Engineer and CALTRANS.
It has been requested by Mr. Landau that the escrow account be
terminated at this time which needs the signature of the Mayor and
City Manager.
Discussion
In a letter from Mr. Landau, Morton Capital Management, to staff
dated January 31, 1990, Mr. Landau stated that in order to close
the detour construction escrow account at Gateway Title, he would
be willing to pledge a portion of those funds as additional
collateral for the installation of landscaping along the right-of-
way. The original estimate required a deposit of approximately
$13 ,000 back in October of 1989. At this time, Mr. Landau has
indicated that he would be willing to post another $8,000 as
additional collateral to cover any overages that may be incurred
as a result of the time delays involved in getting this landscape
completed. CALTRANS has approved a preliminary landscape agreement
with Morton Capital. All that remains now is for CALTRANS to
approve their plans and to accept the City's agreement.
799 Moorpark Avenue Moorpark, California 93021 (805) 529-6864
The Honorable City Council
(CC meeting of 6/6/90)
May 30 , 1990
Page 2
Staff Recommendation
That the City Council approve of the closing of the escrow account
and authorize the Mayor and City Manager to sign the escrow
documents.
Attachments: April 16, 1990 letter - Mr. Landau
PJR:td
PR29MAY9.AA
23945 CALABASAS RD.•SUITE 203•CALABASAS,CA 91302•(818)992-4440
April 16, 1990 TAil
Mr. Paul Porter
City of Moorpark
799 Moorpark Avenue
Moorpark, CA 93021
RE: Escrow Account - Detour Construction
American Products Building
Dear Paul:
Pursuant to our telephone conversation, I have enclosed a copy of
the anticipated increases in costs to install the landscape on the
State right-of-way in front of the American Products building.
These extra costs are approximately $7,400 and we are willing to
post an additional $8,000 in a Certificate of Deposit, payable to
the City of Moorpark as collateral. This $8,000 would supplement
the $13 ,500 that has been on deposit since October 1989 to cover
the landscape installation costs.
We anticipate the installation of the landscape to occur within the
next 30-45 days. The owner/developer has already signed the
landscape maintenance agreement with the City of Moorpark. At this
point, we are simply awaiting issuance of the CalTrans permit to
begin the work.
I believe all the requirements have been met and the City is
adequately protected with respect to the landscape installation
costs. Consequently, I would greatly appreciate it if we could
expedite the closing of the escrow account.
Thank you for your assistance.
Sincerely,
Michael J. Landau
for 14440 Dickens St. , Ltd.
MJL/cjb
Enclosures
cc: Dave Gribin
MORTGAGE BANKING AND REGISTERED INVESTMENT ADVISORS
AFFILIATE OF THE MORTON COMPANY