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MOORPARK CITY COUNCIL sY.�___
AGENDA REPORT
TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer /Public Works Director
DATE: February 29, 2008 (CC Meeting of 03/19/08)
SUBJECT: Consider Reduction of Surety Bonds for Denny L. McVey and Brea A.
McVey upon Parcel B of Parcel Map 5394
BACKGROUND
This single family residential development, Parcel B of Parcel Map 5394, is lWated at
11818 Darlene Lane as shown on Attachment 1.
DISCUSSION
The property owners, Denny L and Brea A. McVey, have requested a reduction of the
surety bonds for this development.
These surety bonds were used as a mechanism to guarantee the construction of the
grading, drainage, and erosion control for this development. The improvements
guaranteed by Bonds No. 661114391 and 661114392 have been completed, and staff
recommends the surety bonds be reduced to 10% and fully exonerated one year after
approval of this reduction with written confirmation from the City Engineer that no
warranty work is required.
The following are the applicable bonds:
SURETY
BOND
ORIGINAL
PRIOR
AUTHORIZED
TYPE
NUMBER
BOND AMT.
AUTHORIZED
ACTION OF
ACTION
03/19/2008
Monuments
661114391
$2,746.00
NONE
Reduce to 10%
$274.60
Grading and
661114392
$191,968.00
NONE
Reduce to 10%
Improvements
$19,196.80
S:\Public Works \Everyone \Staff Reports\ 2008\ MarchlBond _Reducbon_McVey_031908.doc 10 V 13 ,'
Honorable City Council
March 19, 2008
Page 2
FISCAL IMPACT
None.
STAFF RECOMMENDATIONS
Authorize the City Clerk to reduce the above referenced surety bonds for Denny L.
and Brea A. McVey.
2. Authorize the City Clerk to fully exonerate Bonds No. 661114391 and 661114392 for
Denny L. and Brea A. McVey one year after this approval of the reduction of the
surety bond and upon written confirmation from the City Engineer that no warranty
work is required.
ATTACHMENT
Vicinity Map
SAPublic Works \Everyone \Staff Reports\2008\ March\ Bond_Reduction_McVey_031908.doc i 014 "
ATTACHMENT 1
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