HomeMy WebLinkAboutAGENDA REPORT 1988 1019 CC REG ITEM 08J MOORPARK
ITEM
JOHN PATRICK LANE STEVEN KUENY
Mayor OpPK <( City Manager
ELOISE BROWN o°P °9 CHERYL J. KANE
Mayor Pro Tem f o City Attorney
JOHN GALLOWAY PATRICK RICHARDS, A.I.C.P.
Councilmember Director of
CLINT HARPER, Ph.D. o o Community Development
Councilmember 9°0 R. DENNIS DELZEIT
BERNARDO M. PEREZ 9`TEO ��`, City Engineer
Councilmember JOHN V. GILLESPIE
MAUREEN W. WALL Chief of Police
City Clerk THOMAS P. GENOVESE
MEMORANDUM City Treasurer
TO: The Honorable City Council
FROM: John F. Knipe, Assistant City Engineer
DATE: October 12, 1988
SUBJECT: Reduction of Bonds for Tract 4170/3070-5
(U.S. Condo)
BACKGROUND INFORMATION
Tract No. 4170/3070-5 is located in the Campus Park area in
the City. A location map is enclosed for reference.
On November 16, 1983 , the City Council approved and ratified
the project as originally approved by the County of Ventura
(Tract 3070-5) . On August 16, 1986 the City Council
approved a revised final map and entered into an agreement
with U.S. Condo for the construction of public improvements
(Tract 4170) .
Acceptance of public improvements and bond exoneration for
Tract 4170 are expected to be brought before the City
Council in the near future. However, as shown in the
enclosed letter from A & R Development, a reduction in bonds
has been requested. Bond reductions are allowable only when
bonds are up for renewal, which is October 21st for these
bonds.
The City Engineer's office has reviewed the bonds and
improvements and feel that the following bond reductions are
appropriate:
799 Moorpark Avenue Moorpark, California 93021 (805) 529-6864
Page -2-
Original Reduced
Type Amount Amount Surety Co. Bond No.
Monuments $ 18, 300 $ 10, 000 DICO 106786
Grading $ 75, 000 $ 30, 000 DICO 106787
Performance & $ 350, 000 $ 140, 000 DICO 106784
Payment
RECOMMENDED ACTION
Authorize the reduction of the existing bonds as noted
in the table above.
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cc: Steve Kueny, City Manager
R. Dennis Delzeit, City Engineer
Phil Vein, A & R Development
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EXHIBIT . "A"
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. A+R Construction Company
A�- P0.Box 276
' ` '•• Moorpark,California 93021
• Telephone(805)529-3338
September 9 , 1988
Wildan & Associates
374 Poli Street , Suite 101
Ventura, CA 93001
Attention : Dennis Delzeit
Re: Tract 4170 - Part A & B (Entire Tract)
Dear Dennis:
Reference is made to our letter of September 2 , 1988 .
It is our understanding that there is something within the
City ordinances that only allows Bond reductions at the time of
renewal of the Bond.
Enclosed are copies of the Bond renewals for Tract 4170.
In our letter of September 2 , 1988 , we asked for reductions
of our Bonds and/or exoneration (whichever is allowed) , along with
final approval of the Tract . The enclosed will justify this
period in time for reduction of the Bonds.
Please keep this letter with our letter of September 2 , 1988 .
Thank you for your assistance.
Very truly yours ,
Philip H. Vein
Director of Development
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