HomeMy WebLinkAboutAGENDA REPORT 2010 0421 CC REG ITEM 10L ITEM 10.L.
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MOORPARK CITY COUNCIL TI ;
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AGENDA REPORT �__:_; ° '` �►
TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer/Public Work D' ec
DATE: April 9, 2010 (CC Meeting of 04/21/10)
SUBJECT: Consider Surety Bond Reduction (No. 104324725 and 104324727) for
Shea Homes, (Tract 5133)
BACKGROUND
Shea Homes, (Tract 5133) consists of 79 single-family, detached condominiums on
9.21 acres, located on the south side of Los Angeles Avenue (SR118) between
Moorpark Avenue and Freemont Street (Attachment 1).
DISCUSSION
Shea Homes has requested the reduction of the Performance & Payment, and Grading
and Improvement Bonds associated with this development.
The surety bonds were used as a mechanism to guarantee the grading and construction
of the improvements for this site. The improvements guaranteed to be constructed with
these surety bonds, street improvements, grading and erosion control, have been
substantially completed. Staff is recommending that the following two Surety Bonds be
reduced to 25%; this is more than sufficient to guarantee the completion of any
remaining work. The remaining work includes continual maintenance of erosion control,
minor grading, final street cap, striping, and adjustment of utilities.
S:\PublicWorkskEveryone\Reports\Staff Reports\2010WprikSurety Bond Reduction TR 5133_Agenda_04-07-10 doc 107
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
Performance & 104324725 $3,488,357.70 None Reduction to
Payment Bond 25%
$872,089.43
Labor & 104324725 $1,744,178.85 None Reduction to
Materials Bond 25%
($436,044.71)
Grading & 104324727 $764,667.79 None Reduction to
Improvements 25%
Bond _ $191,166.95
STAFF RECOMMENDATION
Authorize the City Clerk to reduce the Surety Bond Nos. 104324725 and 104324727 to
25% for Shea Homes, (Tract 5133), as listed above.
ATTACHMENT
Vicinity Map
S\Public Works\Everyone\Reports\Staff Reports\2010Wpril\Surety Bond Reduction TR 5133_Agenda_04-07-10 doc 108
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