HomeMy WebLinkAboutAGENDA REPORT 2009 0603 CC REG ITEM 10E ITEM 10.E.
CITE!OF MOORPARK,CALIFORNIA
City Council Meeting
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ACTION:
MOORPARK CITY COUNCIL
AGENDA REPORT �Y
TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer/Public Works Director
DATE: May 15, 2009 (CC Meeting of 06/03/09)
SUBJECT: Consider Reduction of Surety Bonds for HFR Investments I, LLC
(CPD 2005-03)
BACKGROUND
This project is a Commercial Planned Development No. (CPD) 2005-03 (Renaissance)
to construct a 15,505 square foot office building on a one-acre site located at 145 Park
Lane.
DISCUSSION
The developer for the project, HFR Investments I, LLC, has requested reduction of their
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 reduced in favor of
HFR Investments I, LLC.
The following are the applicable bonds:
SURETY BOND ORIGINAL PRIOR AUTHORIZED
TYPE NUMBER BOND AMT. AUTHORIZED ACTION OF
ACTION 06/03/09
Grading and 733050S $60,874.67 NONE Reduce to
Improvements 10%
Public
Improvements 733049S $47,287.50 NONE Reduce to
Performance 10%
and Payment
S:\Public Works\Everyone\Reports\Staff Reports\2009\June\Renaissance at Park Lane—Bond Reduction 6.3.09.doc
139
Honorable City Council
June 3, 2009
Page 2
FISCAL IMPACT
None.
STAFF RECOMMENDATION
Authorize the City Clerk to reduce the above referenced surety bonds for HFR
Investments I, LLC to 10 percent (10%).
ATTACHMENT
1 —Vicinity Map
SAPublic Works\Everyone\Reports\Staff Repo rts\2009\June\Renaissance at Park Lane—Bond Reduction 6.3.09.doc
140
ATTACHMENT 1
LOS ANGELES AVE.
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zPARK CREST LN. a z cif
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PROJECT
SITE
ARROYO SIMI
RENAISSANCE AT PARK LANE
VICINITY MAP
N.T.S.
141