HomeMy WebLinkAboutAGENDA REPORT 2007 0221 CC REG ITEM 10EITEM
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MOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer /Public Works Director /
Prepared by Adam Burks, Assistant Engineer
DATE: February 14, 2007 (CC Meeting of 02 -21 -07)
SUBJECT: Consider Bond Reductions for William Lyon Homes, Inc.
(RPD99 -02, TR5187)
BACKGROUND
This is a 250 home Residential Planned Development (RPD99 -02, TR5187) located
west of Walnut Canyon Road and approximately one -half mile north of Casey Road
(Attachment 1).
DISCUSSION
William Lyon Homes, Inc. has requested the reduction of their surety bonds on file with
the City for Tract 5187. These surety bonds were used as a mechanism to guarantee
the grading, improvements and erosion control for their project as required by the 2004
Early Grading and Improvement Agreement.
All work covered under the bonds #SU5010170 and #SU5010171 has been completed.
Work covered under bonds #SU5009788 and #SU5013592 has not been fully
completed and as such, only 50% of these bonds are recommended for release at this
time.
The following are the applicable bonds:
BOND NO.
TYPE
BOND AMT.
ACTION
Surety Bond — Improvements
SU5010170
Performance & Payment
$4,658,476.80
Exonerate
Irrigation/Erosion Control
000064
Honorable City Council
February 21, 2007
Page 2
STAFF RECOMMENDATIONS
1. Authorize the City Clerk to exonerate bonds #SU5010170 and #SU5010171 for
William Lyon Homes, Inc. (RPD99 -02, TR5187).
2. Authorize the City Clerk to reduce bonds #SU5009788 and #SU5013592 to 50% of
their value for William Lyon Homes, Inc. (RPD99 -02, TR5187).
ATTACHMENT
Vicinity Map
000065
Surety Bond — Grading
SU5010171
Remedial
$1,731,279.72
Exonerate
Grading /Stabilization
Phase I /Phase II
SU5009788
Surety Bond — Grading
$10,589,919.65
Reduce 50% to
Mass Grading for Entire Tract
$5,294,959.83
Surety Bond — Improvements
SU5013592
Performance & Payment
$6,913,456.16
Reduce 50% to
(Tract 5187 -1 Street
$3,456,728.08
Improvement)
STAFF RECOMMENDATIONS
1. Authorize the City Clerk to exonerate bonds #SU5010170 and #SU5010171 for
William Lyon Homes, Inc. (RPD99 -02, TR5187).
2. Authorize the City Clerk to reduce bonds #SU5009788 and #SU5013592 to 50% of
their value for William Lyon Homes, Inc. (RPD99 -02, TR5187).
ATTACHMENT
Vicinity Map
000065
ATTACHMENT 1
PROJECT
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5187- 2 5187 -1
5187 -1
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MOORPARK
VICINITY MAP
MERIDIAN HILLS
TRACT NO. 5187 -1 (LOTS 1 -131)
TRACT NO. 5187 -2 (LOTS 1 -117)
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