HomeMy WebLinkAboutAGENDA REPORT 2008 1105 CC REG ITEM 10JCity Council MOOVW�
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MOORPARK CITY COUNCIL {:
AGENDA REPORT
TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer /Public Works Director
DATE: October 22, 2008 (CC Meeting of 11/05/08)
SUBJECT: Consider Reduction of Surety Bonds for Pardee Homes for Moorpark
Highlands (Tract No. 5045 -2, RPD No. 2002 -03)
BACKGROUND
This project is a 95 single - family Residential Planned Development (RPD 2002 -03)
located at the southeast corner of Spring Road and Elk Run Loop as shown on
Attachment 1.
DISCUSSION
The developer, Pardee Homes, has requested a reduction of the surety bonds for this
development, Tract 5045 -2 in -tract improvements.
These surety bonds were used as a mechanism to guarantee the construction of the
monuments, street improvements, and drainage for this development. The
improvements guaranteed by Monuments Bond No. 81969773 (for monuments) and
Performance / Labor and Materials Bond No. 81969774 (for street improvements and
drainage) have been completed. Staff recommends the Monuments Bond No.
81969773 to be exonerated. Staff also recommends the Performance / Labor and
Materials Bond No. 81969774 to be reduced to 10% and fully exonerated one year after
approval of this reduction with written confirmation from the City Engineer that no
warranty work is required.
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S: \Public Works \Everyone \Reports \Staff Reports\2008\ November\ TR5045- 2_Reduction_Agenda_110508.doc
Honorable City Council
November 5, 2008
Page 2
The following are the applicable bonds:
FISCAL IMPACT
None.
STAFF RECOMMENDATIONS
1. Authorize the City Clerk to exonerate the Monuments Bond No. 81969773 and
reduce the Performance / Labor and Materials Bond No. 81969774 to 10% for
Pardee Homes.
2. Authorize the City Clerk to fully exonerate Bond No. 81969774 for Pardee Homes
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
1100211 SAPublic Works \Everyone \Reports \Staff Reports\ 2008\ November \TR5045- 2_Reduction_Agenda_110508.doc
SURETY
BOND
ORIGINAL
PRIOR
AUTHORIZED
TYPE
NUMBER
BOND AMT.
AUTHORIZED
ACTION OF
ACTION
11/05/2008
1
Monuments
81969773
$106,294.36
NONE
Exonerate
2
Performance /
81969774
$1,218,301.11 for
NONE
Reduce to 10%
Labor and
Performance,
$121,830.11 for
Materials
$609,150.55 for
Performance,
Labor and
$60,915.06 for
Materials
Labor and
Materials
FISCAL IMPACT
None.
STAFF RECOMMENDATIONS
1. Authorize the City Clerk to exonerate the Monuments Bond No. 81969773 and
reduce the Performance / Labor and Materials Bond No. 81969774 to 10% for
Pardee Homes.
2. Authorize the City Clerk to fully exonerate Bond No. 81969774 for Pardee Homes
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
1100211 SAPublic Works \Everyone \Reports \Staff Reports\ 2008\ November \TR5045- 2_Reduction_Agenda_110508.doc
VICINITY MAP
N TS
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