HomeMy WebLinkAboutAGENDA REPORT 2008 0820 CC REG ITEM 10P7 EM - 10. V. 1.
City Council Meeting
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ACTION:
MOORPARK CITY COUNCIL ay. •.
AGENDA REPORT
TO: Honorable City Council
i -
FROM: Yugal K. Lail, City Engineer /Public Works Director
DATE: August 6, 2008 (CC Meeting of 08/20/08)
SUBJECT: Consider Exoneration of Letters of Credit for Moorpark Carlsberg
Holdings, LLC for Industrial Planned Development No. 2000 -01
Patriot Commerce Center
BACKGROUND
This project is a 33.04 acre Industrial Planned Development (IPD 2000 -01) located west
of the 23 Freeway, east of Miller Parkway, and approximately 230 feet south of Los
Angeles Avenue, as shown on Attachment 1.
DISCUSSION
The developer, Moorpark Carlsberg Holdings, LLC, has requested an exoneration of the
letters of credit for this development.
These letters of credit were used as a mechanism to guarantee the construction of the
grading, drainage, erosion control, and public street improvements for this development.
The improvements guaranteed by Letters of Credit Nos. NZS616477 and NZS616480 in
the amounts of $175,628.00 (for grading) and $2,196,125.00 (for Patriot Drive street
improvements, drainage, and erosion control), respectively, have been completed and
accepted by the City, and staff recommends that the letters of credit be exonerated and
replaced with 10% warranty bonds. The contractor for the developer has submitted two
replacement surety bonds for warranty maintenance purposes in the amounts of
$17,562.80 (bond #34BCSDX8094) and $219,612.50 (bond #34BCSEU9728),
respectively, or ten percent (10 %) of the value of the letters of credit to be exonerated.
The rider bonds necessary to bind the developer to the bonds submitted by the
contractor are expected to be received by the City prior to August 20, 2008. If the rider
bonds are not received, staff will request that this item be pulled from the agenda. The
replacement bonds will be in full effect for the one year warranty period, and be fully
exonerated one year after approval of this item with written confirmation from the City
Engineer that no warranty work is required.
SAPublic Works \Everyone \Staff Reports\ 2008\ August\ TR5226_ LOC _Exoneration_Agenda_082008.doc
Honorable City Council
August 20, 2008
Page 2
The following are the applicable letters of credit:
FISCAL IMPACT
None.
STAFF RECOMMENDATIONS
1. Authorize the City Clerk to exonerate the above referenced letters of credit for
Moorpark Carlsberg Holdings, LLC.
2. Authorize the City Clerk to fully exonerate the warranty bonds (Grading and
Street/Storm Drain /Erosion Control) one year after approval of this item and upon
written confirmation from the City Engineer that no warranty work is required.
ATTACHMENT
1 — Vicinity Map
SAPublic Works \Everyone \Staff Reports\ 2008\ August\ TR5226_ LOC _Exoneration_Agenda_082008.doc
LETTER OF
LETTER
ORIGINAL
PRIOR
AUTHORIZED
ACTION OF
CREDIT
OF CREDIT
LETTER OF
AUTHORIZED
NUMBER
ACTIONS
TYPE
CREDIT AMT.
08/20/2008
1
Irrevocable
NZS616477
$1751628.00
NONE
Exonerate
Standby Letter
(Grading)
of Credit
2
Irrevocable
NZS616480
$2,1961125.00
NONE
Exonerate
Standby Letter
(Street/Storm
of Credit
Drain /Erosion
Control)
FISCAL IMPACT
None.
STAFF RECOMMENDATIONS
1. Authorize the City Clerk to exonerate the above referenced letters of credit for
Moorpark Carlsberg Holdings, LLC.
2. Authorize the City Clerk to fully exonerate the warranty bonds (Grading and
Street/Storm Drain /Erosion Control) one year after approval of this item and upon
written confirmation from the City Engineer that no warranty work is required.
ATTACHMENT
1 — Vicinity Map
SAPublic Works \Everyone \Staff Reports\ 2008\ August\ TR5226_ LOC _Exoneration_Agenda_082008.doc
4
ATTACHMENT 1
HIGH ST. PRINCETaN 118.
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� PROJECT
cos ANGELES �P.�,oT SITE
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VICINITY MAP
No scale
1.1PD 2000 -01
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