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MOORPARK CITY COUNCIL''-
AGENDA REPORT
TO: Honorable City Council
FROM: David A. Bobardt, Community Development re for
Prepared by Joseph Fiss, Principal Planner
DATE: June 25, 2010 (CC Meeting of 7121/2010)
SUBJECT: Consider Release of Surety (Cash Deposit Performance Bond) for
M&M Development, (Campus Plaza —CPD 2000-04)
BACKGROUND
On April 2, 2003, the City Council adopted Resolution No. 2003-2071, approving
Commercial Planned Development (CPD) No. 2000-04 and Tentative Parcel Map
(TPM) No. 5264 on a 6.28-acre parcel, located at the southwest corner of Campus
Park Drive and Collins Drive. As part of the conditions of approval, the applicant was
required to install an art piece within the central plaza of the shopping center. The
applicant provided a $50,000 cash bond to guarantee installation of the art piece to
allow for occupancy of the buildings before the art piece was installed.
DISCUSSION
The public art, including landscaping was installed in 2008. M&M Development has
requested release of the $50,000.00 cash deposit performance bond that was accepted
to guarantee completion of this work. The following is the applicable bond:
SURETY BOND ORIGINAL PRIOR AUTHORIZED
TYPE NUMBER BOND AMT. AUTHORIZED ACTION OF
ACTION 7121/2010
Cash Deposit None $50,000.00 NONE Release Bond
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Honorable City Council
July 21, 2010
Page 2
FISCAL IMPACT
None.
STAFF RECOMMENDATION
Authorize the City Clerk to release the $50,000.00 cash deposit performance bond
referenced in the agenda report for M&M Development.
SACommunity Development\DEV PMTS\C P D\cc agenda report bond release 100721-campus plaza.doc 100