HomeMy WebLinkAboutAGENDA REPORT 2008 0319 CC REG ITEM 10MA
10. M•
��itw';�asa3rti� �Vla�P.tir1�
,ACTION: �.�1,1 �►-u.d ,� J,r
MOORPARK CITY COUNCIL Y:__
AGENDA REPORT
TO: Honorable City Council
FROM: Dave Klotzle, Assistant City Engineer
DATE: March 5, 2008 (CC Meeting of 03/19/08)
SUBJECT: Consider Surety Bond Reduction for Toll CA L.P., Moorpark Country
Club Estates (Tract 4928)
BACKGROUND
This project is a 216 -home subdivision housing development located on Championship
Drive between Walnut Canyon Road and Grimes Canyon Road (Attachment 1).
DISCUSSION
The developer, Toll CA L.P., has requested a reduction of the surety bond for this
development.
This surety bond was used as a mechanism to guarantee storm drain improvements for
this development. The improvements guaranteed by Bond No. 929208203 have been
completed and accepted by the City, and staff recommends that the bond be reduced to
10% and fully exonerated one year after approval of this reduction with written
confirmation from the Assistant City Engineer that no warranty work is required.
The following is the applicable bond:
SURETY
TYPE
BOND
NUMBER
ORIGINAL
BOND AMT.
PRIOR
AUTHORIZED
AUTHORIZED
ACTION OF
03/19/2008
ACTION
Performance &
Payment
929208203
$1,578,949.00
NONE
Reduce to 10%
$157,894.90
FISCAL IMPACT
None.
SAPublic Works \Everyone \Staff Reports\2008\ March \Bond_Reductlon_TOII_031908.doc I s V U 141
Honorable City Council
March 19, 2008
Page 2
STAFF RECOMMENDATIONS
1. Authorize the City Clerk to reduce the above referenced surety bond for Toll CA
L.P., Moorpark Country Club Estates — Tract 4928.
2. Authorize the City Clerk to fully exonerate Bond No. 929208203 for Toll CA L.P.,
Moorpark Country Club Estates — Tract 4928, one year after this approval of the
reduction of the surety bond and upon written confirmation from the Assistant City
Engineer that no warranty work is required.
ATTACHMENT
Vicinity Map
SAPublic Works \Everyone \Staff Reports\2008\ March \Bond_Reducton_Toll_031908.doc
ATTACHMENT I
BRWWAY
SITE
MOORPARK 3
c HIGH Si Q�`1
P
• ` ii p�
LOS ANGELES AVENUE <`n LOS PN�E
(STATE HWY 118) w
w,
VICINITY MAP
Tract 4928
;00144