HomeMy WebLinkAboutAGENDA REPORT 2008 1105 CC REG ITEM 10OMOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: Dave Klotzle, Assistant City Engineer
DATE: October 24, 2008 (CC Meeting of 11/05/08)
_
1y.
SUBJECT: Consider Surety Bond Reduction for Toll CA L.P., Moorpark Country
Club Estates (Tract 4928 -3)
BACKGROUND
Tract 4928 -3 is a 121 -home subdivision housing development located on Championship
Drive between Walnut Canyon Road and Grimes Canyon Road as shown on
Attachment 1.
DISCUSSION
The developer, Toll CA L.P., has requested a reduction of the surety bond for this
development.
This surety bond was used as a mechanism to guarantee the construction of street and
storm drain improvements for this development. On May 16, 2007, City Council
authorized this bond to be reduced to 20% of its original amount because at that time,
the majority of construction improvements had been completed. Additional
improvements have been completed, and the developer has requested this bond be
reduced to 10% of the original amount or $990,484.06. The remaining items of work
are to place the asphalt cap on Sarazen Drive and the east end of Palmer Drive, and to
complete the fencing and landscaping. The cost estimate for the remaining work is
$253,000. A reduction of the bond to 10% would retain funds to cover the remaining
items of work and possible warranty work.
(100318
S:\PublicWorks\Everyone\Reports\Staff Reports\ 2008\ November\ TR4928 _Ph3Perf&Pay_Red10 %_110508.doc
Honorable City Council
November 5, 2008
Page 2
The following is the applicable bond:
SURETY
BOND
ORIGINAL
PRIOR
AUTHORIZED
TYPE
NUMBER
BOND AMT.
AUTHORIZED
ACTION OF
ACTION
11/05/2008
Performance
104058247
$4,952,420.29
Reduced to 20%
Reduce to 10%
and Payment
for Performance
$990,484.06 for
$495,242.03 for
$9,904,840.59
Performance
Performance
for Payment
$1,980,968.12
$990,484.06 for
for Payment on
Payment
5/16/2007
FISCAL IMPACT
None
STAFF RECOMMENDATION
Authorize the City Clerk to reduce Bond No. 104058247 to 10% of the original amount
for Toll CA L.P., Moorpark Country Club Estates — Tract 4928 -3.
ATTACHMENT
1 - Vicinity Map
000319
S:\PublicWorks\Everyone\Reports\Staff Reports\ 2008\ November\ TR4928 _Ph3Perf&Pay_Red10 %_110508.doc
ATTACHMENT 9
MOSECT SITE
BROADWAY
OPT
R'
C Mp�0N5
0�
J�
MOORPARK
Q HIGH ST
J
P
o° a GEES =
LOS ANGELES AVENUE cn LOS P�
(STATE HWY 118)
VICINITY MAP
NO SCALE
Tract 4928-3
000320