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MOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer/Public Works Director
DATE: March 21, 2008 (CC Meeting of 04/02/08)
SUBJECT: Consider Reduction of Surety Bond for NLA 118, LLC for Warehouse
Discount Center(Parcel Map No. 5532, CPD 2004-03)
BACKGROUND
This project is an 8.15-acre Commercial Planned Development (CPD 2004-03) located
on the north side of Los Angeles Avenue / White Sage Road, immediately east of the
SR-23 Freeway.
DISCUSSION
The property owner, NLA 118, LLC, has requested a reduction of the surety bond for
this development.
This surety bond was used as a mechanism to guarantee the construction of the
grading, drainage, and erosion control for this development. The improvements
guaranteed by Bond No. 104669939 have been completed, and staff recommends the
surety bond to 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 is the applicable bond:
SURETY BOND ORIGINAL PRIOR AUTHORIZED
TYPE NUMBER BOND AMT. AUTHORIZED ACTION OF
ACTION 04/0212008
Grading 104669939 $167,637.35 NONE Reduce to 10%
$16,763.74
S:\Public Works\Everyone\Staff Reports\2008\April\Bond_Reducton_WDC_0319081.doc i 3
Honorable City Council
April 2, 2008
Page 2
FISCAL IMPACT
None.
STAFF RECOMMENDATIONS
1. Authorize the City Clerk to reduce Bond No. 104669939 to 10% for NLA 118, LLC.
2. Authorize the City Clerk to fully exonerate Bond No. 104669939 for NLA 118, LLC
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\2008W pol\Bond_Reduction_WDC_0319081.doc 10 0 U 4 U
ATTACHMENT 1
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�-°S 118 WAREHOUSE DISCOUNT
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PARCEL MAP NO. 5532
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VICINITY MAP
NOT TO SCALE
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