HomeMy WebLinkAboutAGENDA REPORT 2010 0901 CC REG ITEM 10HMOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: Dave Klotzle, Assistant City Engineer
DATE: August 20, 2010 (CC Meeting of 09/01/10)
ITEM 10.H.
GI VY OF h10oRQARK, CALIFORNik,
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ACYIOM:
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SUBJECT: Consider Exoneration of Surety Bonds for HFR Investments 1, LLC
(CPD 2005 -03)
BACKGROUND
This project is a Commercial Planned Development No. (CPD) 2005 -03 (Renaissance)
located at 145 Park Lane as shown on Attachment 1.
DISCUSSION
The developer for the project, HFR Investments I, LLC, has requested exoneration of
the surety bonds for Renaissance (CPD 2005 -03).
The surety bonds were submitted by HFR Investments I, LLC and used as a
mechanism to guarantee the construction of the grading and improvements and off -site
public improvements for Renaissance. These improvements have been completed and
are acceptable to the City. Staff recommends the existing bonds be exonerated in
favor of HFR investments I, LLC.
The followina are the aDDlicable bonds:
SURETY
BOND
ORIGINAL
PRIOR
AUTHORIZED
ACTION OF
TYPE
NUMBER
BOND AMT.
AUTHORIZED
ACTION
09101110
Grading and
Reduced to 10%
Improvements
733050S
$60,874.67
$6,088.00 on
Exonerate
06/03/09
Public
Reduced to 10%
Improvements
733049S
$47,287.50
$4,729.00 on
Exonerate
Performance
and Payment
06/03/09
S:\PublicWorks\Everyone\Repons\Staff Reports \2010\September\Renaissance at Park Lane—Bond Exoneration 9- 1- 10.doc 99
Honorable City Council
September 1, 2010
Page 2
FISCAL IMPACT
None.
STAFF RECOMMENDATION
Authorize the City Clerk to fully exonerate the Grading and Improvements Bond No.
733050S and Public Improvements Performance and Payment Bond No. 733049S for
HFR Investments I, LLC.
ATTACHMENT
1 —Vicinity Map
S:1Public WorksEveryone\Reports�.Staff Reports 120101September%Renaissance at Park Lane—Bond Exoneration 9 -1 -10 doc 100
ATTACHMENT 1
RENAISSANCE AT PARK LANE
VICINITY MAP
N.T.S.
101