HomeMy WebLinkAboutAGENDA REPORT 2010 0421 CC REG ITEM 10K ITEM 10.K.
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MOORPARK CITY COUNCILA �I�� �` �`°ct`t �
AGENDA REPORT
TO: Honorable City Council r�
FROM: Yugal K. Lail, City Engineer/Public Works Director
DATE: April 9, 2010 (CC Meeting of 04121/10)
SUBJECT: Consider Exoneration 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 full exoneration
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 storm drain 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 Project was recently purchased by Toll Brothers, and equivalent
replacement Bonds have been posted. Bond #08974693 to replace #6444591, and
#08974692 to replace #K07509406. Staff recommends exoneration of the following
bonds.
SAPublic Works\Everyone\Reports\Staff Reports\20101Apn1\TR5045-8_Bond Exoneration_Agenda_04-07-10.doc 104
Honorable City Council
April 21, 2010
Page 2
The following are the applicable bonds-
SURETY BOND ORIGINAL PRIOR AUTHORIZED
TYPE NUMBER BOND AMT. AUTHORIZED ACTION OF
ACTION 04/21/2010
01/20/2010
Improvements 6444591 $3,947,129.92 Reduction to Full
Performance & $1,973,564.96 Exoneration
Payment Bond 50%
Erosion K07509406 $1,188,820.64 Reduction to Full
Control Bond $594,410.32 Exoneration
(50%)
FISCAL IMPACT
None.
STAFF RECOMMENDATION
Authorize the City Clerk to fully exonerate the Improvements/Performance & Payment
Bond #6444591 and Erosion Control Bond #K07509406 for KB HOMES Greater Los
Angeles, Inc. (Tract 5045-8).
ATTACHMENT
Vicinity Map
S:\Public Works\Everyone\Reports\Staff Reports\2010Wpril\TR5045-8_Bond Exoneration_Agenda_04-07-10.doc 105
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