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CIN Council Meeting
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MOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer/Public Works Director
DATE: April 23, 2008 (CC Meeting of 05/07/08)
SUBJECT: Consider Exoneration of Surety Bond for KB HOME Greater Los
Angeles Inc. for Moorpark Highlands, Tract 5045-8
BACKGROUND
Moorpark Highlands, Tract 5045-8, is a 132-home subdivision housing development
located east of Spring Road on the north side of Ridgecrest Drive as shown on
Attachment 1.
DISCUSSION
The developer, KB HOME Greater Los Angeles Inc., has a surety bond on file with the
City (Bond No. 8204-48-82). The surety bond was used as a mechanism to guarantee
the construction of street and storm drain improvements for Moorpark Highlands, Tract
5045-8.
KB HOME Greater Los Angeles Inc. has submitted a new bond No. 6444591 to replace
the existing Bond No. 8204-48-82 for the same amount and requests that the Bond No.
8204-48-82 on file be fully exonerated, and replaced by the new bond.
The following is the applicable bond:
SURETY BOND ORIGINAL PRIOR AUTHORIZED
TYPE NUMBER BOND AMT. AUTHORIZED ACTION OF
ACTION 05/07/2008
Improvements 8204-48-82 $3,947,129.92 None Exonerate
Performance &
Payment
SAPublic Works\Everyone\Staff Reports\2008\May\KB Homes_Bond_Exoneration_05-07-08.doc 0,9 0 04 G
Honorable City Council
May 7, 2008
Page 2
FISCAL IMPACT
None.
STAFF RECOMMENDATION
Authorize the City Clerk to fully exonerate the Improvements Performance and Payment
Bond No. 8204-48-82 for KB HOME Greater Los Angeles Inc.
ATTACHMENT
1 —Vicinity Map
SAPublic Works\Everyone\Staff Reports\2008\May\KB Homes_Bond_Exonerabon_05-07-08.doc 1`1)0 04 9
ATTACHMENT 1
PROJECT SITE
23 504 8
`� TRACT
5045-7
0
TRACT TRACT TRACT
5045-5 5045-4 I 5045-6
Z I CAMPUS PARK DffE
TRACT
TRACT 5045-3
3 5045-2
c� o RONALD REAGAN
FREEWAY
i 118
3Jti
5045-1 T
CHARLES STREET
PJE
HIGH ST. PRINCETON
23
LOS ��5
118 23
-VICINITY MAP
NTS
90050