HomeMy WebLinkAboutAGENDA REPORT 1987 1202 CC REG ITEM 08C 7I
. ITEM C .
MOORPARK
CLINT HARPER,Ph.D. STEVEN KUENY
Mayor City Manager
ELOISE BROWN P°°"K `"� o CHERYL J. KANE
Mayor Pro Tern F° ? City Attorney
THOMAS C. FERGUSON PATRICK RICHARDS,A.I.C.P.
Councilmember O Director of
JOHN GALLOWAY ?, Community Development
Councilmember 90 o R. DENNIS DELZEIT
JOHN PATRICK LANE City Engineer
Councilmember 99rE° 'Jy ^ 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 L
DATE: November 9, 1987
SUBJECT: Grading Bond Reduction For
Tract 3070-3 (U.S. Condo)
BACKGROUND INFORMATION
Tract 3070-3 is located in the northeast section of the City
of Moorpark near the intersection of Campus park Drive and
North Princeton Avenue. A location map is enclosed for your
reference.
On November 16, 1983, the Moorpark City Council approved the
final map and entered into an agreement with U.S. Condo for
the construction of public improvements. On May 20, 1987,
the public improvements for this tract were accepted and the
bonds exonerated.
The grading bond for this tract in , the amount of $160, 000
issued by Developer's Insurance Company (Bond Number 106776
is to remain in full force and effect for one year from the
date of acceptance. This bond extension serves as a
guarantee should any grading problems arise within this one
year period.
The developer has requested a reduction in this bond amount.
Since the project is completed and occupied, it is felt that
a bond reduction is warranted. the City of Moorpark grading
ordinance allows a bond reduction after project completion.
The developer has requested a reduction in the bond to 10%
for the remainder of its term. However, due to the large
amount of grading within this project and the extent of
steeply sloped areas, it is felt that a reduction in the
bond to 20% of its original amount is entitled. This
reduction would allow the bond to decrease from $160, 000 to
$32, 000.
799 Moorpark Avenue Moorpark, Califomia 93021 (805) 529-6864
1 !y 0V INe`
Page -2-
RECOMMENDED ACTION
- Authorize the City Clerk to reduce the above mentioned
grading bond from $160, 000 to $32, 000 for the remainder
of its term.
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