HomeMy WebLinkAboutAGENDA REPORT 2010 0120 CC REG ITEM 10HITEM 10.H.
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City Council Meeting
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ACTION:
MOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer /Public Works Director
DATE: December 21, 2009 (CC Meeting of 01/20/10)
SUBJECT: Consider Reduction of Improvements Performance & Payment Bond
#6444591 and Erosion Control Bond #K07509406 for KB Homes
Greater Los Angeles Inc. (Tract 5045 -8)
BACKGROUND
Moorpark Highlands, Tract 5045 -8, is a 132 -home subdivision housing development
located east of Spring Road on the north side of Ridgecrest Drive as shown on
Attachment 1.
DISCUSSION
The developer, KB HOMES Greater Los Angeles Inc., has requested a 50% reduction
of the Improvements /Performance & Payment Bond and Erosion Control Bond for this
development.
The Improvements /Performance & Payment Bond ( #6444591) was used as a
mechanism to guarantee the construction of the street and stormdrain improvements
associated with this development. The Erosion Control Bond ( #K07509406) was used to
guarantee the implementation of the erosion control associated with the project grading.
The improvements guaranteed by the Improvements /Performance & Payment Bond
have been substantially completed, with the only remaining items being the final street
cap, striping and adjustment of utilities. The remaining 50% of the bond is more than
sufficient to complete this work. The erosion control has been implemented and is
being maintained on a regular basis. The remaining 50% of the bond is adequate for
the maintenance of the erosion control.
S: \Public Works \Everyone \Reports \Staff Reports \2010\January\TR5045- 8_Bond Reduction_Agenda_012010.doc 82
Honorable City Council
January 20, 2010
Page 2
The following are the applicable bonds:
SURETY
TYPE
BOND
NUMBER
ORIGINAL
BOND AMT.
PRIOR
AUTHORIZED
AUTHORIZED
ACTION OF
01/20/2010
ACTION
Improvements
Performance &
Payment Bond
6444591
$3,947,129.92
NONE
Reduction to
$1,973,564.96
(50 %)
SURETY
TYPE
BOND
NUMBER
ORIGINAL
BOND AMT.
PRIOR
AUTHORIZED
AUTHORIZED
ACTION OF
01120/2010
ACTION
Erosion
Control Bond
K07509406
$1,188,820.64
NONE
Reduction to
$594,410.32
(50 %)
FISCAL IMPACT
None.
STAFF RECOMMENDATION
Authorize the City Clerk to reduce Improvements /Performance & Payment Bond
#6444591 and Erosion Control Bond #K07509406 for KB HOMES Greater Los Angeles
Inc. (Tract 4045 -8) to 50 %.
ATTACHMENT
1 —Vicinity Map
S: \Public Works \Everyone \Reports \Staff Reports \2010\January\TR5045- 8_Bond Reduction_Agenda_012010.doc 83
A T TA CHMENT 1
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VICINITY MAP
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