HomeMy WebLinkAboutAGENDA REPORT 2010 0421 CC REG ITEM 10J ITEM 10.J.
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MOORPARK CITY COUNCI &
AGENDA REPORT " °�- d -°'
TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer/Public Works Director
DATE: April 9, 2010 (CC Meeting of 04/21/10)
SUBJECT: Consider Exoneration of Surety Bonds for The Village at Moorpark,
LLC (Lot 2 of Tract 4973, CPD 2004-01)
BACKGROUND
The Village at Moorpark, LLC, Lot 2 of Tract 4973 is an 11.5-acre Commercial Planned
Development (CPD 2004-01) located on the southwest corner of Los Angeles Avenue
and Miller Parkway (Attachment).
DISCUSSION
On 1/29/2010 the developer, The Village at Moorpark, LLC requested full exoneration of
the surety bonds for this development.
The surety bonds were used as a mechanism to guarantee the construction of the
grading, drainage, erosion control, and public street improvements for this development.
All portions of work covered under the surety bonds have been completed and the
project accepted by the City. The original bond amount was reduced on 02/20/2008 to
10%, but the authority to exonerate was omitted from the staff report, so authorization
for exoneration is being requested. The City Engineer recommends the remainder of
the surety bonds be exonerated.
S\Public Works\Everyone\Reports\Staff Reports\2010\April\Bond_Exoneration_Village at Moorpark_04-07-10.doc 101
Honorable City Council
April 21, 2010
Page 2
The following are the applicable bonds:
SURETY TYPE BOND ORIGINAL PRIOR AUTHORIZED
NUMBER BOND AMT. AUTHORIZED ACTION OF
ACTIONS 04/21/2010
02/20/2008
Grading 720529S $559,785.66 Reduce to 10% Full
$55,978.57 Exoneration
Road Encroachment 720532C $45,010.00 Reduce to 10% Full
Permit $4,501.00 Exoneration
FISCAL IMPACT
None.
STAFF RECOMMENDATION
Authorize the City Clerk to exonerate the above referenced Surety Bonds for The
Village at Moorpark, LLC.
ATTACHMENT
Vicinity Map
SAPublic Works\Everyone\Reports\Staff Reports\2010\April\Bond_Exoneration_Village at Moorpark_04-07-1 0.doc 102
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LOT 2, TRACT No. 4973