HomeMy WebLinkAboutAGENDA REPORT 2008 0820 CC REG ITEM 10OMOORPARK CITY COUNCIL
AGENDA REPORT
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TO: Honorable City Council
FROM: Yugal K. Lall, City Engineer /Public Works Director
DATE: August 6, 2008 (CC Meeting of 08/20/08)
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 northeasterly side of SR 23 Freeway /Los Angeles Avenue as shown on
Attachment 1.
DISCUSSION
The developer, NLA 118, LLC, has requested a reduction of the surety bonds for this
development.
These surety bonds were used as a mechanism to guarantee the construction of the
monuments, grading, drainage, and erosion control for this development. The
improvements guaranteed by Monuments Cash Bond No. 1136 (for monuments) and
Performance and Payment Bond No. 104669956 (for grading, drainage, and erosion
control) have been completed. Staff recommends the Monuments Cash Bond to be
exonerated and fully refunded to the developer. Staff also recommends the
Performance and Payment Bond to be reduced to ten percent (10 %) and fully
exonerated one year after approval of this reduction with written confirmation from the
City Engineer that no warranty work is required.
SAPublic Works \Everyone \Staff Reports\ 2008\ August\ WDC_Reduction_Agenda_082008.doc
Honorable City Council
August 20, 2008
Page 2
The following are the applicable bonds:
FISCAL IMPACT
None.
STAFF RECOMMENDATION
1. Authorize the City Clerk to exonerate Monuments Cash Bond No. 1136 and refund
the amount of $1,987.21 to NLA 118, LLC.
2. Authorize the City Clerk to reduce Performance and Payment Bond No. 104669956
to 10% for NLA 1187 LLC.
3. Authorize the City Clerk to fully exonerate Performance and Payment Bond No.
104669956 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
1 —Vicinity Map
S:\PubIicWorks\Everyone\Staff Reports \2008\August \WDC_Reduction Agenda_082008.doc ,,"{{' "�"
SURETY
BOND
ORIGINAL
PRIOR
AUTHORIZED
TYPE
NUMBER
BOND AMT.
AUTHORIZED
ACTION OF
ACTION
08/20/2008
1
Monuments
1136
$1,987.21
NONE
Exonerate
2
Performance
104669956
$165,193.95 for
NONE
Reduce to 10%
and Payment
Performance,
$16,519.40 for
$330,387.90 for
Performance,
Payment
$33,038.79 for
Payment
FISCAL IMPACT
None.
STAFF RECOMMENDATION
1. Authorize the City Clerk to exonerate Monuments Cash Bond No. 1136 and refund
the amount of $1,987.21 to NLA 118, LLC.
2. Authorize the City Clerk to reduce Performance and Payment Bond No. 104669956
to 10% for NLA 1187 LLC.
3. Authorize the City Clerk to fully exonerate Performance and Payment Bond No.
104669956 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
1 —Vicinity Map
S:\PubIicWorks\Everyone\Staff Reports \2008\August \WDC_Reduction Agenda_082008.doc ,,"{{' "�"
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PROJECT SITE
WAREHOUSE DISCOUNT
CENTER
PARCEL MAP N0, 5532
CP D 2004-03
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