HomeMy WebLinkAboutAGENDA REPORT 2012 1003 CCSA REG ITEM 10J ITEM 10.J.
, ityNCouncil Meetin ,
MOORPARK CITY COUNCIL ➢ � N:
AGENDA REPORT _.
TO: Honorable City Council
FROM: Dave Klotzle, City Engineer/Public Works Director
DATE: September 24, 2012 (CC Meeting of 10/03/12)
SUBJECT: Consider Surety Bond Reduction (Bond Nos. 0570314, 0570315,
0570319) for Resmark Equity Partners, (ORA Ashford 94, LLC & ORA
Marquis 89, LLC) Tract 5187
BACKGROUND
Tract 5187 is a 248-home subdivision housing development located on Meridian Hills
Drive off of Walnut Canyon Road as shown on Attachment 1.
DISCUSSION
The developer, Resmark Equity Partners (Resmark - ORA Ashford 94, LLC & ORA
Marquis 89, LLC), has requested the reduction of the subject surety bonds for this
development. These surety bonds are used as a mechanism to guarantee the
construction and completion of improvements for this development. The previous
developer of this project, William Lyon Homes, Inc. (Lyon), had submitted surety bonds
for the improvements and on February 21, 2007, City Council authorized the reduction
of the Tract 5187-1 Performance and Payment, and Grading bond amounts to the levels
shown for the first two sureties listed in the following table. Since then, Resmark
acquired the project and submitted surety bonds to replace the Lyon sureties in the
amounts shown for all three of the sureties listed in the table.
The majority of improvements guaranteed by these surety bonds have been completed
and a partial reduction in the bonds is recommended so as to retain bond amounts
sufficient to guarantee the remaining construction. Staff recommends that the surety
bonds described in the following table be reduced to the amounts specified.
SAPublic Works\Everyone\Reports\Staff Reports\2012\0ctober\10-03-12(TR5187 Bond Reduction).doc 71
Honorable City Council
October 3, 2012
Page 2
SURETY BOND ORIGINAL PRIOR AUTHORIZED
TYPE NUMBER BOND AMT. AUTHORIZED ACTION OF
ACTION 10/03/2012
Tract 5187-1
Performance 0570314 $3,456,728.08 NONE Reduce .
$1,000,000.00
and Payment
Tract 5187 0570315 $5,294,959.83 NONE Reduce to
Grading $1,000,000.00
Tract 5187-2
Performance 0570319 $2,063,941.02 NONE Reduce .
$1,000,000.00
and Payment
FISCAL IMPACT
None.
STAFF RECOMMENDATION
Authorize the City Clerk to reduce Surety Bond Nos. 0570314, 0570315, and 0570319
for Resmark Equity Partners, (ORA Ashford 94, LLC & ORA Marquis 89, LLC) Tract
5187 to the amounts specified herein.
ATTACHMENT
1 - Vicinity Map
SAPublic Works\Everyone\Reports\Staff Reports\2012\0ctober\10-03-12(TR5187 Bond Reduction).doc 72
1
ATTACHMENT 1
a
Z
Q
TRACT
:51$7
CA SE Y
RD
. PR PvE�
R R. NIGH
ST
LOS ANGELES AVE
118
Qs
3 PRRO�( �f'p
N � �
} MOORPARK
VICINITY MAP NTS
I TRACT 5iV.
73