HomeMy WebLinkAboutAGENDA REPORT 2009 0506 CC REG ITEM 10F CITY OF MOORPARK,CALIFORN.-k
City Council Meeting
ACTION:
MOORPARK CITY COUNCIL
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AGENDA REPORT BY:
TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer/Public Works Director
DATE: April 22, 2009 (CC Meeting of 05/06/09)
SUBJECT: Consider Reduction 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 developer has requested reduction of their surety bonds for Tuscany Square (CPD
2005-02).
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. Staff recommends
the existing bonds be reduced in favor of Tuscany Square Partners, LLC.
SAPublic Works\Everyone\Reports\Staff Reports\2009\May\Tuscany Square Bond Reduction 5.6.09.doc
000172
Honorable City Council
May 6, 2009
Page 2
The following are the applicable bonds:
SURETY BOND ORIGINAL PRIOR AUTHORIZED
TYPE NUMBER BOND AMT. AUTHORIZED ACTION OF
ACTION 5/06/09
Grading and 733474S $760,118.93 NONE Reduce to
Improvements 10%
Off-site Public 733475S $249,982.63 for NONE Reduce to
Improvements Performance and 10%
Payment
Off-site 733476S $99,610.51 for NONE Reduce to
Caltrans Performance and 10%
Improvements Payment
FISCAL IMPACT
None.
STAFF RECOMMENDATION
Authorize the City Clerk to reduce the surety bonds referenced in the agenda report for
Tuscany Square Partners, LLC to 10 percent (10%).
ATTACHMENT
1 —Vicinity Map
SAPublic Works\Everyone\Reports\Staff Reports\2009\May\Tuscany Square Bond Reduction 5.6.09.doc !
ATTACHMENT 1
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VICINITY MAP
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