HomeMy WebLinkAboutAGENDA REPORT 2008 0903 CC REG ITEM 10LUENI 10 - L,
City Council Meeting
ACTION:— g_ 24
V OF
MOORPARK CITY COUNCIL BY. t�
AGENDA REPORT
TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer /Public Works Director top
DATE: August 21, 2008 (CC Meeting of 09/03/08)
SUBJECT: Consider Reduction of Surety Bonds for M & M Development for
Campus Plaza (Parcel Map No. 5264, Commercial Planned
Development No. 2000 -04)
BACKGROUND
This project is a 6.28 acre Commercial Planned Development (CPD 2000 -04) located at
the southwest corner of Campus Park Drive and Collins Drive as shown on Attachment
1.
DISCUSSION
The developer, M & M Development, 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
grading, drainage, erosion control, and street improvements for this development. The
improvements guaranteed by Grading and Improvements Bond No. 661117836 (for
grading, drainage, erosion control) and Improvements Performance and Payment Bond
No. 661118286 (for street improvements) have been completed. Staff recommends the
bonds to be reduced to ten percent 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\ September \CampusPlaza_Reduction Agenda_090308.doc "i ,��
Honorable City Council
September 3, 2008
Page 2
The following are the applicable bonds:
FISCAL IMPACT
None.
STAFF RECOMMENDATIONS
1. Authorize the City Clerk to reduce Grading and Improvements Bond No. 661117836
and Improvements Performance and Payment Bond No. 661118286 to ten percent
for M & M Development.
2. Authorize the City Clerk to fully exonerate Bond Nos. 661117836 and 661118286 for
M & M Development 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
S:\PublicWorks\Everyone\Staff Reports\ 2008\ September \Cam pus Plaza _Reduction _ Agenda_090308.doc p
SURETY
BOND
ORIGINAL
PRIOR
AUTHORIZED
ACTION OF
TYPE
NUMBER
BOND AMT.
AUTHORIZED
ACTION
09/03/2008
1
Grading and
661117836
$2882389.38
NONE
Reduce to 10%
Improvements
$281838.94
2
Improvements
661118286
$133,348.87 for
NONE
Reduce to 10%
Performance
Performance,
$13,334.89 for
and Payment
$266,697.73 for
Performance,
Payment
$26,669.77 for
Payment
FISCAL IMPACT
None.
STAFF RECOMMENDATIONS
1. Authorize the City Clerk to reduce Grading and Improvements Bond No. 661117836
and Improvements Performance and Payment Bond No. 661118286 to ten percent
for M & M Development.
2. Authorize the City Clerk to fully exonerate Bond Nos. 661117836 and 661118286 for
M & M Development 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
S:\PublicWorks\Everyone\Staff Reports\ 2008\ September \Cam pus Plaza _Reduction _ Agenda_090308.doc p
I NO
m
ATTACHMENTI
91
VICINITY MAP
CAMPUS PLAZA,
PARCEL MAP 5264