HomeMy WebLinkAboutAGENDA REPORT 2011 1102 CC REG ITEM 10H 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 (,
DATE: October 21, 2011 (CC Meeting of 11/02/11) /
SUBJECT: Consider Surety Bond Exoneration (Bond Nos. SU5025689,
SU5025691, SU5025694, SU5025697, SU5025698, SU5025699,
SU5025721, SU5025722) for Resmark Equity Partners, Tract 5187 and
Tract 5405 as Equivalent Replacement Sureties Have Been Submitted
BACKGROUND
Tract 5187 and Tract 5405 are part of a 265-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, is switching surety bond companies and has
requested exoneration of the subject surety bonds for this development. The developer
has posted equivalent replacement bonds from a different surety bond company. These
surety bonds are used as a mechanism to guarantee the construction and completion of
improvements for this development. Staff recommends that the surety bonds described
below be fully exonerated:
SURETY BOND ORIGINAL PRIOR AUTHORIZED
TYPE NUMBER BOND AMT. AUTHORIZED ACTION OF
ACTION 11/02/2011
Tract 5187-1 SU5025689 $3,456,728.08 NONE Exoneration
Performance
and Payment
Tract 5187 SU5025691 $5,294,959.83 NONE Exoneration
Grading
Tract 5187-2 SU5025694 $2,063,941.02 NONE Exoneration
Performance
and Payment
S\Public Work s\Everyone\Reports\Staff Reports\2011\November\11-02.11 (TR5187-5405 Bond Exoneration)doc 90
Honorable City Council
November 2, 2011
Page 2
Tract 5187 SU5025697 $509,975.40 NONE Exoneration
Performance
and Payment
Tract 5405 SU5025698 $149,941.34 NONE Exoneration
Performance
and Payment
Tract 5405 SU5025699 $22,418.23 NONE Exoneration
Monuments
Tract 5187-1 SU5025721 $189,929.87 NONE Exoneration
Monuments
Tract 5187-2 SU5025722 $167,013.29 NONE Exoneration
Monuments
FISCAL IMPACT
None.
STAFF RECOMMENDATION
Authorize the City Clerk to fully exonerate Surety Bonds Nos. SU5025689, SU5025691,
SU5025694, SU5025697, SU5025698, SU5025699, SU5025721, and SU5025722 for
Resmark Equity Partners, Tract 5187 and Tract 5405.
ATTACHMENT
1 - Vicinity Map
S Tublic WorkstEveryone\ReponstStaff Reports12011\November\11-02-11 (TR5187-5405 Bond Exoneration)doc 91
ATTACHMENT 1
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TRACT 5405
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VICINITY MAP NTS
TRACTS S181 & 540S
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