HomeMy WebLinkAboutAGENDA REPORT 2012 0620 CC REG ITEM 10R ITEM 1_
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MOORPARK CITY COUNCIL
AGENDA REPORT - - �---
TO: Honorable City Council
FROM: Dave Klotzle, City Engineer/Public Works Director
Prepared By: Al Gali, Assistant Engineer qL,
DATE: June 8, 2012 (CC Meeting of 06/20/12)
SUBJECT: Consider Surety Bond Exoneration (Bond No. 103883740) for Pardee
Homes, Moorpark Highlands, Tract 5045
BACKGROUND
Pardee Homes, Moorpark Highlands, Tract 5045, is a 445-acre subdivision housing
development located off of Spring Road as shown on Attachment 1.
DISCUSSION
Pardee Homes was conditioned to construct six (6) traffic signals at the following
locations as part of the Moorpark Highlands, Tract 5045 development-
1) Ridgecrest Drive and Elk Run Way/Elk Run Loop
2) Spring Road and Ridgecrest Drive
3) Spring Road and Elk Run Loop
4) Spring Road and Charles Street
5) Spring Road and High Street/Princeton Avenue
6) Spring Road and Walnut Canyon Road (Caltrans)
Pardee Homes posted Bond No. 103883740 in the amount of $1,610,730.00 as a
mechanism to guarantee the completion of the six traffic signals. Five of the six traffic
signals have been constructed, energized and accepted by the City and Caltrans. The
remaining traffic signal at Ridgecrest Drive and Elk Run Way/Elk Run Loop has been
constructed but not energized or accepted by the City. This signal will be energized
after the final asphalt cap and signal detector loop installations are completed which is
expected to occur after the remaining homes in Tract 5045-8 (Toll) and Tract 5860
(Pardee) are constructed.
S:\Public Works\Everyone\Reports\Staff Reports\2012\June\6-20-12(TR5045 Traffic Signal Bond Exoneration).doc 364
Honorable City Council
June 20, 2012
Page 2
Pardee has requested exoneration of the subject surety bond for the five traffic signals
and has posted a new bond, Bond No. 23012698, in the amount of$250,000.00, for the
work to complete the remaining traffic signal. The new surety bond is on file with the
City Clerk and will be used as a mechanism to guarantee the completion of the
remaining traffic signal at Ridgecrest Drive and Elk Run Way/Elk Run Loop. The new
bond will remain in place at 100% of its value until the remaining signal is complete and
accepted by the City. Staff recommends that the surety bond described below be fully
exonerated:
SURETY BOND ORIGINAL PRIOR AUTHORIZED
TYPE NUMBER BOND AMT. AUTHORIZED ACTION OF
ACTION 06/20/2012
Tract 5045 103883740 $1,610,730.00 NONE Exoneration
Signal
Improvements
FISCAL IMPACT
None.
STAFF RECOMMENDATION
Authorize the City Clerk to fully exonerate Surety Bond No. 103883740 for Pardee
Homes, Moorpark Highlands, Tract 5045.
ATTACHMENT
1 - Vicinity Map
SAPublic Works\Everyone\Reports\Staff Reports\2012Wune\6-20-12(TR5045 Traffic Signal Bond Exoneration).doc 365
A T TACHMENT 1
PROJECT SITE
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