HomeMy WebLinkAboutAGENDA REPORT 2008 1015 CC REG ITEM 10Ha..ity Council i'vleeVn, -'
ACTION:
MOORPARK CITY COUNCIL
AGENDA REPORT:
TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer /Public Works Directo
DATE: September 19, 2008 (CC Meeting of 10/15/08)
SUBJECT: Consider Exoneration of Surety Bond for Simi - Moorpark Freeway
Properties, LTD (Tract 4973)
BACKGROUND
Tract 4973 is a 210.68 acre residential and commercial development bordered by Los
Angeles Avenue to the north, Tract 4974 to the south, SR -23 Freeway to the east, and
Spring Road to the west as shown on Attachment 1.
DISCUSSION
The developer, Simi - Moorpark Freeway Properties, LTD, has requested an exoneration
of the surety bond for this development.
This surety bond was used as a mechanism to guarantee the construction of the
landscape improvements for this development. The improvements guaranteed by
Landscape Improvements Bond No. 3SM89093100 have been completed. The
improvements have been completed for more than one year and no warranty work is
required. Staff recommends the bond to be fully exonerated.
The following is the applicable bond:
SURETY
TYPE
BOND
NUMBER
ORIGINAL
BOND AMT.
PRIOR
AUTHORIZED
AUTHORIZED
ACTION OF
ACTION
10/15/2008
Landscape
Improvements
(Laborers and
Materialmen )
3SM89093100
$609,862.00
Reduced to 50%
$304,931.00 at
12/05/2001 CC
Meeting
Exonerate
S:\PublicWorks\Everyone\Reports\Staff Reports\2008\ October\ TR4973 _Exoneration_Agenda_101508.doc _ 9 ( 6 4
Honorable City Council
October 15, 2008
Page 2
FISCAL IMPACT
None.
STAFF RECOMMENDATION
Authorize the City Clerk to fully exonerate Landscape Improvements Bond No.
3SM89093100 for Simi - Moorpark Freeway Properties, LTD.
ATTACHMENT
1 — Vicinity Map
S:\PublicWorks\Everyone\Reports\Staff Reports\ 2008\ October\ TR4973 _Exoneration_Agenda_101508.doc
ATTACHMENT I
23
,,7
GP
ONALD REAGAN FREEWAY
HGH STREET' PRINCETON AVENUE
LOS ANGELES AVENUE tt8 LOS
OA
PROJECT" SITE-// -
O
TIERRA ROAD
ROAD
-WONINMP
NOT TO SCALE
TRACT 4973
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