HomeMy WebLinkAboutAGENDA REPORT 2016 0302 CCSA REG ITEM 10I ITEM 10.1
GITV OF MOORPARK,CALIFORNIA
City Council Meeting
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ACTION: d
MOORPARK CITY COUNCIL °' d"
AGENDA REPORT BY: ewe-,,—
TO: Honorable City Council 7
FROM: Ron Coons, Interim Public Works DirectorL// /
Al Gali, Assistant Engineer 414
DATE: February 22, 2016 (CC Meeting of 3/2/16)
SUBJECT: Consider Intersection Improvement Cash Surety Partial Exoneration
for Shea Homes Limited Partnership for Tract 5133
DISCUSSION
Tract 5133 is a 6.6-acre, 77-unit residential condominium development project located
south of Los Angeles Avenue (SR-118) and west of Fremont Street. The developer of
Tract 5133 is Shea Homes, LLP (Shea).
Shea was conditioned to make a payment to the City in the form of a cash bond surety of
their pro-rata share of the cost of improvements at three intersections. The locations and
the cost estimates of the improvements for each intersection are as follows:
1) Los Angeles Avenue and Spring Road ($165,000.00)
2) Los Angeles Avenue and Moorpark Avenue ($65,000.00)
3) Poindexter Avenue and Moorpark Avenue ($120,000.00)
The total surety was in the amount of $350,000.00. The pro-rata share was required to
be determined by a traffic engineer. A traffic study was submitted by Shea Homes in
1998 and an addendum was submitted in 2002 and 2004. Per the traffic studies, there
was a project related 5% increase in traffic at two intersections (Intersections No. 1 and
No. 2); therefore, Shea's cash surety can be exonerated up to 95% of the costs for
Intersections No. 1 and No. 2. Intersection No. 3 was not analyzed in the traffic studies
submitted by Shea Homes; therefore, the pro-rata share was not determined. Shea's
cash surety will not be exonerated for Intersection No. 3. The total cash surety
exoneration amount is $218,500.00.
275
Honorable City Council
March 2, 2016
Page 2
Staff recommends that Shea's intersection improvement cash deposit surety described
below be exonerated up to $218,500.00. The balance of $131,500.00 will remain with the
City.
SURETY SURETY ORIGINAL PRIOR AUTHORIZED
TYPE NUMBER SURETY AUTHORIZED ACTION OF
AMT. ACTION 3/2/2016
Cash Deposit Check# $350,000.00 None Release up to
32645725 $218,500.00
FISCAL IMPACT
In 2004, the $350,000.00 was deposited into the Shea's TR 5133 Developer Deposit fund
(6291). The money was then moved to Fiduciary General Deposit Fund (6000). There
are no fiscal impacts.
STAFF RECOMMENDATION
Authorize the City Clerk to partially exonerate and refund the Cash Surety Deposit in the
amount of$218,500.00 to Shea Homes, LLP.
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S:\Public Works\Everyone\Reports\Staff Reports\201613_Marcb\3-2-16(LA Ave Intersection Refund.TR 5133).doc