HomeMy WebLinkAboutAGENDA REPORT 2007 0221 CC REG ITEM 10Fr'TFM � � � ' F•
A � t' Mlstinc.
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 Exonerations for Simi - Moorpark Freeway Properties,
LTD (TR4973)
BACKGROUND
This was a master grading and improvement project for Miller Parkway (Attachment 1).
DISCUSSION
Simi - Moorpark Freeway Properties, LTD has requested the exoneration of their surety
bonds on file with the City of Moorpark for Tract 4973. These surety bonds were used
as a mechanism to guarantee the grading and improvements and performance and
payment for the project.
All work covered under these surety bonds is complete.
The following are the applicable bonds:
000061
ORIGINAL
REDUCED
BOND NO.
TYPE
BOND AMT.
50% on
12 -05 -01
3SM89092900
Surety Bond — Grading
$1,337,402.00
$668,701.00
(Performance)
Surety Bond — Street
3SM89093000
Improvements
$938,451.00
$469,225.50
Performance
Subdivision Bond — Street
3SM89093000
Improvements (Laborers &
$938,451.00
$469,225.50
Materialmen
000061
Honorable City Council
February 21, 2007
Page 2
BOND NO.
TYPE
ORIGINAL
REDUCED
BOND NO.
TYPE
BOND AMT.
50% on
12 -05 -01
Surety Bond — Storm Drain
3SM89093200
Improvements
$1,253,459.00
$626,729.50
Performance
Subdivision Bond — Storm
3SM89093200
Drain Improvements
$1,253,459.00
$626,729.50
Laborers & Materialmen
BOND NO.
TYPE
BOND AMT.
3SM89093300
Surety Bond — Monument
$25,637.00
Improvements (Performance)
STAFF RECOMMENDATION
Authorize the City Clerk to exonerate the above referenced surety bonds for Simi -
Moorpark Freeway Properties, LTD (TR4973).
ATTACHMENT
Vicinity Map
0000cs