HomeMy WebLinkAboutAGENDA REPORT 2008 1217 CC REG ITEM 10K Wit-ryr, I o. K .
ACTION
MOORPARK CITY COUNCIL _.
AGENDA REPORT
TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer/Public Works Director
DATE: December 3, 2008 (CC Meeting of 12/17/08)
SUBJECT: Consider Exoneration of Surety Bonds for William Lyon Homes, Inc.
for Tracts 5187 and 5405 (RPD 1999-02 and RPD 2003-01)
BACKGROUND
Tract 5187 is a 248 unit single family Residential Planned Development (RPD 1999-02)
located west of Walnut Canyon Road and approximately one-half mile north of Casey
Road as shown on Attachment 1. Tract 5405 is a 17 unit affordable single family
Residential Planned Development (RPD 2003-01) located west of Walnut Canyon Road
immediately adjacent to and to the southeast of Tract 5187 as shown on Attachment 1.
DISCUSSION
The original developer, William Lyon Homes, Inc., has requested exoneration of their
surety bonds for Tracts 5187 and 5405.
The surety bonds were submitted by William Lyon Homes and used as a mechanism to
guarantee the construction of the grading, monuments, street and storm drain
improvements for Tracts 5187 and 5405. William Lyon Homes was the original owner of
said developments. William Lyon Homes has since sold the developments to Resmark
Equity Partners, LLC. As the current owner, Resmark Equity Partners has submitted
replacement surety bonds to the City in the same amounts as the existing bonds by
William Lyon Homes. Staff recommends the existing bonds be fully exonerated in favor
of William Lyon Homes.
S:\Public Works\Everyone\Reports\Staff Reports\2008\December\TR5187&5405_Exoneration_Agenda_121708.doc >f j 01
Honorable City Council
December 17, 2008
Page 2
The following are the applicable bonds:
SURETY BOND ORIGINAL PRIOR AUTHORIZED
TYPE NUMBER BOND AMT. AUTHORIZED ACTION OF
ACTION 12/17/2008
Tract 5187 SU5009788 $10,589,919.65 Reduced to 50% Exonerate
Grading $5,294,959.83
on 2/21/2007
Tract 5187-1 SU5013592 $6,913,456.16 Reduced to 50% Exonerate
Improvements for Payment, $3,456,728.08
Performance $3,456,728.08 for Payment,
and Payment for Performance $1,728,364.04
for Performance
on 2/21/2007
Tract 5187-2 SU5013593 $2,063,941.02 NONE Exonerate
Improvements for Payment,
Performance $1,031,970.51
and Payment for Performance
Tract 5405 8734537 $22,418.23 NONE Exonerate
Monuments
Tract 5405 8734538 $149,941.34 for NONE Exonerate
Improvements Payment,
Performance $74,970.67 for
and Payment Performance
Tract 5187 8734543 $509,975.40 for NONE Exonerate
Multi-Use Trail Payment,
Improvements $254,987.70 for
Performance Performance
and Payment
FISCAL IMPACT
None.
STAFF RECOMMENDATION
Authorize the City Clerk to fully exonerate the above referenced surety bonds for
William Lyon Homes, Inc.
ATTACHMENT
1 — Vicinity Map
SAPublic Works\Everyone\Reports\Staff Reports\2008\December\TR5187&5405_Exoneration_Agenda_121708.doc �� C;
ATTACHMENT 1
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TRACT
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MOORPARK
VICINITY MAP NTS
TRACTS 5187 & 5405
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