HomeMy WebLinkAboutAGENDA REPORT 2012 0718 CC REG ITEM 10N ITEM 10.N.
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MOORPARK CITY COUNCIL ACTION:
AGENDA REPORT
TO: Honorable City Council
FROM: Dave Klotzle, City Engineer/Public Works Director
DATE: July 6, 2012 (CC Meeting of 07118112)
SUBJECT: Consider Release of Surety Certificate of Deposit No. 9662345897
and Reduction of Surety Certificate of Deposit No. 0103565131 for
Moorpark 20, LP (396 Charles Street Apartments)
BACKGROUND
Moorpark 20, LP (Area Housing Authority), 396 Charles Street Apartments is a 20-unit
apartment building located at 396 Charles Street just west of Spring Road.
DISCUSSION
The developer, Moorpark 20, LP, has requested the release of the certificates of deposit
"for this development.
These certificates of deposit were used as a mechanism to guarantee the construction
of the improvements for this development. The improvements have been completed
and accepted by the City. Staff recommends the release of Certificate of Deposit No.
9662345897 and the reduction of Certificate of Deposit No. 0103565131 to $37,500.00
(ten percent of the combined value of the original certificates of deposit) to be held as a
surety until March 9, 2013 which will complete the one-year warranty period from the
date the City Engineer signed the certificate of occupancy indicating the improvements
have been completed and are acceptable. Written confirmation will be required from
the City Engineer that no warranty work is required prior to release of the reduced
surety.
The following are the applicable certificates of deposit:
S:\Public Works\Everyone\Reports\Staff Reports\2012\July\07-18-2012(Moorpark 20 LP,AHA CD Release Charles St.Apts).doc 326
Honorable City Council
July 18, 2012
Page 2
SURETY CERTIFICATE ORIGINAL PRIOR AUTHORIZED
TYPE NUMBER CERT. AMT. AUTHORIZED ACTION OF
ACTION 07/18/2012
Grading and 9662345897 $130,000.00 NONE Release
Site 0103565131 $245,000.00 NONE Reduce to
Improvements
$37,500.00
FISCAL IMPACT
None.
STAFF RECOMMENDATION
1. Authorize the City Clerk to release Certificate of Deposit No. 9662345897 and
reduce Certificate of Deposit No. 0103565131 to $37,500.00 for Moorpark 20, LP,
396 Charles Street Apartments.
2. Authorize the City Clerk to release Certificate of Deposit No. 0103565131 for
Moorpark 20, LP, 396 Charles Street Apartments on March 9, 2013 and upon written
confirmation from the City Engineer that no warranty work is required.
S:\Public Works\Everyone\Reports\Staff Reports\2012\July\07-18-2012(Moorpark 20 LP,AHA CD Release Charles St.Apts).doc 327