HomeMy WebLinkAboutAGENDA REPORT 2007 0418 CC REG ITEM 10FMOORPARK CITY COUNCIL
AGENDA REPORT -,_
TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer /Public Works Director
Prepared by Adam Burks, Assistant Engineer
DATE: April 6, 2007 (CC Meeting of 04- 18 -07)
SUBJECT: Consider Bond Exonerations for Conejo Freeway Properties, LTD.
(Tract 4974)
BACKGROUND
This was a master grading and improvement project for Miller Parkway, (Attachment 1).
DISCUSSION
Conejo Freeway Properties, LTD., has requested the exoneration of their surety bonds
on file with the City of Moorpark for Tract 4974. These surety bonds were used as a
mechanism to guarantee the grading and improvements and performance and payment
for the project.
On October 18, 2000 and December 5, 2001, City Council authorized the reduction of
these bonds as noted in the table below. At that time, City Council also authorized the
exoneration of these bonds upon 1) completion of a one year maintenance period, 2)
approval of the City Engineering and Community Development Departments, and 3)
submission of a replacement surety in the amount of $50,160.00 for sidewalk repairs.
Since that time the one year maintenance period has expired and all work, including
sidewalk repairs, covered under these surety bonds is complete and has been approved
and accepted by the City Engineer and Community Development Department.
Therefore the replacement surety for sidewalk repairs (which was never submitted) is
not required and the following bonds are to be exonerated:
city share /public works/everyone /staff reports/2007 /April/Bond Exoneration TR4974 000116
Honorable City Council
April 18, 2007
Page 2
Bond No.
Type
Original Bond
Reduced to
Bond No.
Type
Amt.
10% on
3SM89094000
Neighborhood Park
$1,074,700.00
10 -18 -00
Surety Bond — Street
3SM89093800
Improvements
$1,198,949.00
$119,895.00
Performance
3SM89094000
Subdivision Bond — Street
$1,074,700.00
$107,470.00
3SM89093800
Improvements (Laborers &
$1,198,949.00
$119,895.00
Materialmen
Surety Bond — Landscape
3SM89093900
Improvements
$1,600,093.00
$160,009.00
Performance
Subdivision Bond —
3SM89093900
Landscape Improvements
$1,600,093.00
$160,009.00
Laborers & Materialmen
Surety Bond — Storm Drain
3SM89094100
Improvements
$524,860.00
$52,486.00
Performance
Subdivision Bond — Storm
3SM89094100
Drain Improvements
$524,860.00
$52,486.00
Laborers & Materialmen
Bond No.
Type
Original Bond
Amt.
Reduced to
10% on
12 -05 -01
Surety Bond —
3SM89094000
Neighborhood Park
$1,074,700.00
$107,470.00
Improvements
Performance
Subdivision Bond —
3SM89094000
Neighborhood Park
$1,074,700.00
$107,470.00
Improvements (Laborers &
Materialmen
STAFF RECOMMENDATION
Authorize the City Clerk to exonerate the above referenced surety bonds for Conejo
Freeway Properties, LTD. (Tract 4974).
ATTACHMENT
- Vicinity Map
city share/public works/everyone /staff reports /2007 /ApriVBond Exonerabon TR4974 0 0 011 •/
ATTACHMENT 1
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