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AGENDA REPORT
TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer/Public Works Directo
DATE: June 9, 2010 (CC Meeting of 06/16/10)
SUBJECT: Consider Exoneration of Surety Bonds for Tuscany Square Partners,
LLC (CPD 2005-02)
BACKGROUND
This project is a Commercial Planned Development No. (CPD) 2005-02 to allow
construction of an approximately 74,402 square foot retail commercial shopping center
on approximately 6.69 acres on the southwest corner of Los Angeles Avenue and
Moorpark Avenue on the application of Tuscany Partners, LLC.
DISCUSSION
The City Council on May 6, 2009 authorized the City Clerk to reduce the surety bonds
for Commercial Planned Development No. (CPD) 2005-02, Tuscany Square Partners,
LLC to 10%.
The developer is now requesting the exoneration of their surety bonds.
The surety bonds were submitted by Tuscany Square Partners, LLC and used as a
mechanism to guarantee the construction of the grading and improvements, off-site
Caltrans improvements, and off-site public improvements for Tuscany Square. These
improvements have been completed and are acceptable to the City. There is no
warranty work and staff recommends the existing bonds be exonerated.
S kPuN c Work SXEveryone\Repods�Staff Repor1sQ010Uune\Tuscany Square bond Reduction 6162010 doc 196
Honorable City Council
June 16, 2010
Page 2
The following are the applicable bonds:
SURETY T BOND ORIGINAL PRIOR AUTHORIZED
TYPE NUMBER BOND AMT. AUTHORIZED ACTION OF
ACTION 5/06/09 6/16/10
Grading and 733474S $760,118.93 Reduce to 10% Exoneration
Improvements
Off-site Public 733475S $249,982.63 for Reduce to 10% Exoneration
Improvements Performance and
Payment
Off-site 733476S $99,610.51 for Reduce to 10% Exoneration
Caltrans Performance and
Improvements - Pay ent _
FISCAL IMPACT
None.
STAFF RECOMMENDATION
Authorize the City Clerk to exonerate the surety bonds referenced in the agenda report
for Tuscany Square Partners, LLC.
ATTACHMENT
1 — Vicinity Map
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