HomeMy WebLinkAboutAGENDA REPORT 2011 1102 CC REG ITEM 10G ITEM 10.G.
,;ity Council Meetino
MOORPARK CITY COUNCIL NcYION:
AGENDA REPORT _
TO: Honorable City Council
FROM: Dave Klotzle, City Engineer/Public Works Director
DATE: October 21, 2011 (CC Meeting of 11/02/11)
SUBJECT: Consider Surety Bond Exoneration (Bond No. 104058247) for Toll CA
L.P., Moorpark Country Club Estates, Tract 4928-3
BACKGROUND
Tract 4928-3 is a 121-home subdivision housing development located on Championship
Drive between Walnut Canyon Road and Grimes Canyon Road as shown on
Attachment 1.
DISCUSSION
The developer, Toll CA L.P., has requested exoneration of the subject surety bond for
this development. This surety bond was used as a mechanism to guarantee the
construction of street and storm drain improvements for this development. All items of
work covered under this surety bond have been completed and no warranty work has
been required for over two years since the work has been completed. Staff is now
recommending that the surety bond described below be fully exonerated.
S\Public Works\Everyone\Reports\Staff Reports\201 1\November\11-02-11 (Surety Bond Exoneration TR 4928-3).doc 87
Honorable City Council
November 2, 2011
Page 2
SURETY BOND ORIGINAL PRIOR AUTHORIZED
TYPE NUMBER BOND AMT. AUTHORIZED ACTION OF
ACTION 11/02/2011
Reduced to 20%
on 5/16/2007
Performance 104058247 $4,952,420.29 $990,484.06 Exoneration
and Payment for Performance for Performance
$9,904,840.59 $1,980,968.12
for Payment for Payment
Reduced to 10%
on 11/05/2008
$495,242.03
for Performance
$990,484.06
for Payment
FISCAL IMPACT
None
STAFF RECOMMENDATION
Authorize the City Clerk to fully exonerate the Performance and Payment Surety Bond
No. 104058247 for Toll CA L.P., Moorpark Country Club Estates, Tract 4928-3.
ATTACHMENT
1 - Vicinity Map
S\Publ c Works\EveryoneNReports\StaH Reportsk201 1 Wovembenl 1-02-1 1 (Surety Bond Exoneration TR 4928 3)doc 88
ATTACHMENT 1
PROJECT SITE
BRWWA
OPT
CMp�ONSN�P
J�
MOORPARK �ol�
Q HIGH ST
LOS ANGELES AVENUE LOS �0 _
� h
(STATE HWY 118) �a
VICINITY MAP
NO SCALE
Tract 4928-3
89