HomeMy WebLinkAboutAGENDA REPORT 2007 0516 CC REG ITEM 10HT EM
10. H.
City Counril Meetir:
or - /lo X7
ACTION:
MOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: Dave Klotzle, Assistant City Engineer
Prepared by Adam Burks, Assistant Engineer
DATE: May 9, 2007 (CC Meeting of 05- 16 -07)
SUBJECT: Consider Surety Bond Reduction for Toll CA L.P., Moorpark Country
Club Estates (Tract 4928)
BACKGROUND
This project is a 216 - home subdivision housing development located on Championship
Drive between Walnut Canyon Road and Grimes Canyon Road, (Attachment 1).
DISCUSSION
The developer, Toll CA L.P., has requested a reduction of the surety bonds for this
development.
These surety bonds were used as a mechanism to guarantee the construction of the
improvements for this development. The majority of improvements guaranteed by these
bonds have been completed and accepted by the City, however a partial reduction in
the bonds is recommended so as to retain bond amounts sufficient to guarantee the
remaining construction. Staff recommends that the bonds be reduced to their specified
amounts.
The following are the applicable bonds:
city share /public works/everyone /staff reports/2007 /May /surety bond reduction TR 4928 () O Q 1 3 8i
Bond No.
Type
Bond Amt.
Action
Surety Bond — Performance &
1
104058247
Payment (Phase 3
$9,904,840.59
Reduce to 20%
Improvements)
city share /public works/everyone /staff reports/2007 /May /surety bond reduction TR 4928 () O Q 1 3 8i
Honorable City Council
May 16, 2007
Page 2
STAFF RECOMMENDATION
Authorize the City Clerk to reduce the above referenced surety bonds to their specified
amounts for Toll CA L.P., Moorpark Country Club Estates — Tract 4928.
ATTACHMENT
1 - Vicinity Map
city share /public works/everyone /staff reports/2007 /May/surety bond reduction TR 4928 �'• �� i J
Bond No.
Type
Bond Amt.
Action
2
104058249
Surety Bond — Grading (Phase 3
Grading)
$5,013,272.92
Reduce to 50%
STAFF RECOMMENDATION
Authorize the City Clerk to reduce the above referenced surety bonds to their specified
amounts for Toll CA L.P., Moorpark Country Club Estates — Tract 4928.
ATTACHMENT
1 - Vicinity Map
city share /public works/everyone /staff reports/2007 /May/surety bond reduction TR 4928 �'• �� i J
Q
�.r
Z'
TRACT 4928 -3 - l • .. ....
- TRACT 4928 -3
roc TRACT 4928 -1 - -
1'
VICINITY MAP
SCAIF =12DO
ATTACHMENT 1
L \MOCrpclk ,1923 - Xi ll TS \I -xh _v riq ty nCex COu -t,y L it Is,c,cs C1wo