HomeMy WebLinkAboutAGENDA REPORT 1993 0721 CC REG ITEM 08GQIA
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AGENDA REPORT
CITY OF MOORPARK
THE HONORABLE CITY COUNCIL
DIRK LOVETT, ASSISTANT CITY ENGINEER ffl
JULY 14, 1993 (COUNCIL MEETING OF JULY 21, 1993)
JRPARK, CALIFc
hY, Council Moo:.;,
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ACTION :X�c�
EXONERATION OF IMPROVEMENT BONDS FOR SCIENCE DRIVE
AND PEACH HILL ROAD (CARLSBERG SCHOOL)
In J me 1992, the City Council signed an Improvement Agreement with Conejo Freeway
Pro rties and Simi Moorpark Freeway Properties (Carlsberg) to grade, install storm drain, and
cons,ruct street improvements on Peach Hill Road and Science Drive to facilitate a new middle
sch 1. A location map is attached for your reference.
Bonds for grading and drainage improvements were reduced to 10% by City Council action on
June 16, 1993. Street improvement bonds were retained pending completion of final inspection
and unchlist.
All treet improvements have been completed with the exception of the final course of asphalt,
sign g and striping. The developer has been instructed not to complete the final cap until heavy
sch 1 site construction has been completed. All other conditions relating to reductions of the
sec 'ties have been met. The approved conditions of the Improvement Agreement allow
red tion of all securities to 10% for the period of one year following the City's approval and
acc tance of each improvement item.
It is therefore appropriate to accept the street improvements as complete, with the exception of
the f nal cap, and reduce the improvement securities as shown below.
American Motorists Insurance Company Bond No. 3 SM 775 686 00:
Original Final Can Total Bonds to be
Bond Amt. 90% Reduction Retention Retained
)rmance $281,932
$28,193.20 $46,566.00 $74,759.20
and Mat. $140,966
$14,096.60 $23,283.00 $37,379.60
AG NDA REPORT
JU Y 14, 1993
PA E 2
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Accept the above improvements as complete, with the exception of the final cap, signing
and striping.
Authorize the City Clerk to retain a performance bond in the amount of $46,566 and a
labor and material bond in the amount of $23,283.00 for street improvements until
such time that final cap, signing, and striping is completed and accepted. Bonds shall be
immediately exonerated upon completion and City approval.
Authorize the City Clerk to reduce the original bonds referenced herein to 10% for the
period of one year following City's acceptance of the right -of -way and improvements.
Bonds shall immediately be exonerated at the end of that period and after review and
approval by the City Engineer.
CC BondEx Carlsberg School
82.159
MOORMRK MIDDLE SCHOOLS CARLSWO
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IDOL SITE
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SCHOOL SITE
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BALANCE AREA
SCIENCE DRIVE
PEACH HILL ROAD
TIERRA REJADA ROAD
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4, 1993
M . Dirk Lovett, city Engineer
C ty of Moorpark
7 9 Moorpark Avenue
orpark, CA 93021
: Subdivision Bonds - Grading, Drainage and Street Improvements
School Site
r Mr. Lovett:
accordance with the provisions of the Improvement Agreement
ted May 12, 1992, the Developer has completed and the city has
spected completed improvements as of this date as follows:
6chool Site Improvements Bond Number
Grading Improvements 3SM 775 685 00
Drainage Improvements 3SM 775 687 00
Bond Amounts
$608,608 Performance
$304,304 Lab. & Mat.
$426,525 Performance
$213.262 Lab. & Mat.
lso, inspection of Street Improvements; secured by Bond Number 38M
75 686 00 in the amounts of; $281,932 and $140,966 for Performance
nd Labor & Material, respectively, is scheduled on or before June
, 1993.
ccordingly, we respectfully request that a an action item be
laced on the June 16, 1993 City Council agenda to reduce the above
urety bonds amounts to the following amounts:
Grading improvements
Drainage Improvements
Street Improvements
$60,861 Warranty
$42,623 Warranty
$71,759 Warranty
he reduced Street Improvements bond amount includes $46,566 in
ddit -ion to the standard 10% warranty amount to cover 1 1/2 inches
f AC, striping and signs which are to be installed on completion
f the school.
ours truly,
FREEWAY PROPERTIES, LTD.
Y: LAND RESEARCHERS, INC., General Partner
BY: Ronald S. Tanke s y, President
cc Lloyd Laycook
William J. Shupper - American Motorists Insurance Company
2800 Twenty - Eighth S :reel, Suite 200 Santa Vonica, Cad lornia 90405 (213) 450 -9700 FIX (21 3) 450 -5313