HomeMy WebLinkAboutAGENDA REPORT 2007 0516 CC REG ITEM 10IrrEM 10 . z .
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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 improvements have been completed and
accepted by the City, and staff recommends that the bonds be reduced to 10 %.
The following are the applicable bonds:
city share /public works/everyone/staff reports/2007 /May /bond reduction TR b928 000141
Bond No.
Type
Bond Amt.
1
929208198
Surety Bond — Performance & Payment (Phase
"C
$2,649,159.00
1 B Street Overall Parkways & Slopes)
2
929208201
Surety Bond — Performance & Payment (Phase
$886,097.00
2 Street Improvements)
city share /public works/everyone/staff reports/2007 /May /bond reduction TR b928 000141
Honorable City Council
May 16, 2007
Page 2
STAFF RECOMMENDATIONS
1. Authorize the City Clerk to reduce the above referenced surety bonds to 10% for Toll
CA L.P., Moorpark Country Club Estates — Tract 4928.
2. Authorize the City Clerk to fully exonerate the above
CA L.P., Moorpark Country Club Estates — Tract 4928,
of the reduction of the surety bonds and upon written
Engineer that no warranty work is required.
ATTACHMENT
1 - Vicinity Map
referenced sureties for Toll
one year after this approval
confirmation from the City
kJ;()v -f2
city share/pubic works/everyone /staff reports /2007 /May /bond reduction TR 4928
Bond No.
Type
Bond Amt.
3
929208202
Surety Bond — Performance & Payment (Phase
$1,648,675.00
$7,466,756.00
$3,733,378.00
1 Street Improvements)
4
929208204
Surety Bond — Performance & Payment (Phase
$1,341,310.00
Surety Bond — Grading
2 Storm Drain Improvements)
7
929140606
Surety Bond — Grading (Erosion Control Bond
$2,187,585.40
5
929158875
for Grimes Canyon Rd & Walnut Canyon Rd
$350,013.51
Grading)
STAFF RECOMMENDATIONS
1. Authorize the City Clerk to reduce the above referenced surety bonds to 10% for Toll
CA L.P., Moorpark Country Club Estates — Tract 4928.
2. Authorize the City Clerk to fully exonerate the above
CA L.P., Moorpark Country Club Estates — Tract 4928,
of the reduction of the surety bonds and upon written
Engineer that no warranty work is required.
ATTACHMENT
1 - Vicinity Map
referenced sureties for Toll
one year after this approval
confirmation from the City
kJ;()v -f2
city share/pubic works/everyone /staff reports /2007 /May /bond reduction TR 4928
Bond No.
Type
Original
Bond Amt.
Reduced to 50%
on 02 -05 -03
6
929158903
Surety Bond — Grading
$7,466,756.00
$3,733,378.00
(Phase 1 Grading Bond)
Surety Bond — Grading
7
929140606
(Phase 1 Grading & Erosion
$2,187,585.40
$1,093,792.70
Control Bond
STAFF RECOMMENDATIONS
1. Authorize the City Clerk to reduce the above referenced surety bonds to 10% for Toll
CA L.P., Moorpark Country Club Estates — Tract 4928.
2. Authorize the City Clerk to fully exonerate the above
CA L.P., Moorpark Country Club Estates — Tract 4928,
of the reduction of the surety bonds and upon written
Engineer that no warranty work is required.
ATTACHMENT
1 - Vicinity Map
referenced sureties for Toll
one year after this approval
confirmation from the City
kJ;()v -f2
city share/pubic works/everyone /staff reports /2007 /May /bond reduction TR 4928
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TRACT 4928 -3
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TRACT 4928 -3 •�
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VICINITY MAP
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ATTACHMENT 1
L \,Vo.-,rpor.c 4928\1- XHIr-:iIS \ Lx'1 —vic,n ty ,ncex Cojrtry C1,5 EstcteS.Owq