HomeMy WebLinkAboutAGENDA REPORT 2008 1119 CC REG ITEM 10F M 0RF ARr
City Council MePtinu
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ACTION:
of
MOORPARK CITY COUNCIL �.4 -
AGENDA REPORT
TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer/Public Works Director
DATE: November 3, 2008 (CC Meeting of 11/19/08)
SUBJECT: Consider Reduction of Surety Bond for Pardee Homes for Moorpark
Highlands (Tract No. 5045-1, RPD No. 2002-03)
BACKGROUND
Tract 5045 is a 445-acre residential development project located northeasterly of the
extension of the new Spring Road between Walnut Canyon Road and Charles Street.
Tract 5045 creates 450 single family residential lots, 102 multi-family condominiums,
one school lot, and one lot dedicated for a park. Open space, common areas and
private streets parcels are also included as part of this subdivision.
Tract 5045-1 is a portion of Residential Planned Development (RPD 2002-03) including
the public streets — Spring Road, Elk Run Loop, and Ridgecrest Drive — of Tract 5045
as shown on Attachment 1.
DISCUSSION
The developer, Pardee Homes, has requested a reduction of the surety bond for Tract
5045-1.
This surety bond was used as a mechanism to guarantee the construction of the street
improvements of Spring Road, Elk Run Loop, and Ridgecrest Drive for this
development. A majority of the improvements guaranteed by Faithful Performance /
Labor and Materials Bond No. 023-009-510 have been completed. The remaining work
is to place the remaining portions of asphalt cap and signing and striping on Elk Run
Loop and Ridgecrest. The cost estimate for the remaining work is estimated at
$836,131.47, and the developer has submitted a replacement bond in this amount per
Bond No. 6420194 to guarantee the construction of this remaining work. Staff
recommends the existing Bond No. 023-009-510 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.
S:\Public Works\Everyone\Reports\Staff Reports\2008\November\TR5045-1_Reduction_Agenda_111908.doc { ���17.3
Honorable City Council
November 19, 2008
Page 2
The following is the applicable bond:
SURETY BOND ORIGINAL PRIOR AUTHORIZED
TYPE NUMBER BOND AMT. AUTHORIZED ACTION OF
ACTION 11/19/2008
Faithful 023-009-510 $7,495,320.55 for NONE Reduce to 10%
Performance / Performance, $749,532.06 for
Labor and $3,747,660.28 for Performance,
Materials Labor and $374,766.03 for
Materials Labor and
Materials
FISCAL IMPACT
None.
STAFF RECOMMENDATIONS
1. Authorize the City Clerk to reduce the Faithful Performance / Labor and Materials
Bond No. 023-009-510 to 10% for Pardee Homes.
2. Authorize the City Clerk to fully exonerate Bond No. 023-009-510 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
SAPublic Works\Everyone\Reports\Staff Reports\2008\November\TR5045-1—Red uction_Agenda_111908.doc I IJv124
ATTACHMENT 1
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PARCEL "H” (FUW STREET)
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Tract 5045-1 PARCEL "L"
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PARCEL "B"
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PARCEL SPRING ROAD
PARCEL 'D" PARCEL "C" PARCEL A"
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VICINITY MAP
TRACT 5045-1
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