HomeMy WebLinkAboutAGENDA REPORT 2010 0707 CC REG ITEM 10K ITEM 10.K.
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City Council Meeting
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AGENDA REPORT
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TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer/Public Works Director
DATE: June 18, 2010 (CC Meeting of 07/07/10)
SUBJECT: Consider Exoneration of Bonds (#SU5024335 and SU5024336) for
Peach Hill Medical Plaza, CPD 2007-01, Tract Map 5743, Peach Hill
Road
BACKGROUND
This project involved the proposed grading and drainage improvements as part of the
construction of an approximately 36,000 square foot medical condominium building on
2.78 acres on the south side of Peach Hill Road between Spring Road and Miller
Parkway. A Grading permit was issued and bonds were put in place for the Private
Grading and Improvements (#SU5024335) as well as for the Public Improvements
(#SU5024336).
DISCUSSION
These bonds were intended to be used as a mechanism to guarantee the construction
of the grading and improvements associated with the proposed development. The
grading and improvements guaranteed by these bonds were substantially completed,
however, the entitlements for this development have expired and the property is in
foreclosure: The developer has no intentions of going forward with the project and has
requested that the bonds be exonerated.
The developer will fence the site to prevent trespassing and staff will coordinate with the
bank on the maintenance of the existing NPDES components.
Staff recommends the bond to be fully exonerated.
S'Public WorkskEveryonOReports\,Statt Reports\2010Uu1y\07-07-10 Peach Hill Medical Exoneration doc 264
Honorable City Council
July 7, 2010
Page 2
The following are the applicable bonds:
SURETY BOND ORIGINAL PRIOR AUTHORIZED
TYPE NUMBER BOND AMT. AUTHORIZED ACTION OF
ACTION 07/07/2010
Grading & SU5024335 $264,670.00 None Exonerate
Improvement
Public
Improvements/ SU5024336 $14,202.34 None Exonerate
Faithful
Performance
Public
Improvements/ SU5024336 $7,101.17 None Exonerate
Labor &
Materials
FISCAL IMPACT
None.
STAFF RECOMMENDATION
Authorize the City Clerk to fully exonerate the Grading & Improvements Bonds
SU5024335 and SU5024336.
ATTACHMENT
1 —Vicinity Map
S 1Public Works\Everyone\ReportskStatt Reports\2010tJuly\07-07-10 Peach Hill Medical Exoneration doc 265
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266