HomeMy WebLinkAboutAGENDA REPORT 2010 0120 CC REG ITEM 10IITEM 10.1.
City Council M96ting
AD 1010
ACTION:
MOORPARK CITY COUNCIL
AGENDA REPORT " `` d-
TO: Honorable City Council
FROM: Yugal K. Lall, City Engineer /Public Works '%P�
DATE: January 06, 2010 (CC Meeting of 01/20/10)
SUBJECT: Consider Surety Bond Reduction (No. 104854691) for Pardee Homes,
Moorpark Highlands - Tract Map No. 5045 -1
BACKGROUND
Pardee Homes, Moorpark Highlands, Tract 5045 -1, is part of a 445 -acre subdivision
housing development that is located northeasterly of the extension of the new Spring
Road between Walnut Canyon Road and Charles Street with 450 single - family
residential lots, 102 multi - family condominiums, one school lot, and one lot dedicated for
a park. Open space, common areas and private streets parcels are also included as
part of this subdivision, (Attachment 1).
DISCUSSION
Pardee Homes has requested the reduction of the Park Site, Parcel M, Precise Grading,
Performance and Payment bond for this development.
This surety bond was used as a mechanism to guarantee the grading for the park site,
Parcel M. All work covered under this surety bond has been completed and is
acceptable to the City. Staff is now recommending that the surety bond be reduced to
10 %.
The following is the applicable bond:
SURETY
TYPE
BOND
NUMBER
ORIGINAL
BOND AMT.
PRIOR
AUTHORIZED
AUTHORIZED
ACTION OF
01/20/2010
ACTION
Precise
104854691
$1,613,550.00
None
Reduction to
Grading
10%
Performance &
($161,355.00)
Payment Bond
S:\PublicWorks\Everyone\Reports\StaffReports\201OUanuary\Surety Bond Reduction TR 5045- 1_Agenda_012010.doc 85
Honorable City Council
January 20, 2010
Page 2
STAFF RECOMMENDATIONS
1. Authorize the City Clerk to reduce the Performance and Payment Surety Bond No.
104854691 to 10% for Pardee Homes, Moorpark Highlands, Tract 5045 -1.
2. Authorize the City Clerk to fully exonerate this Bond one year after this reduction
approval and upon written confirmation from the City Engineer that no warranty work
is required.
ATTACHMENT
1 —Vicinity Map
S: \Public Works \Everyone\Reports \Staff Reports\2010\January\Surety Bond Reduction TR 5045- 1_Agenda_012010.doc 86
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