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MOORPARK CITY COUNCIL BY-
AGENDA REPORT
TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer/Public Works Directokl
Prepared by Adam Burks, Assistant Engineer
DATE: May 23, 2007 (CC Meeting of 06-06-07)
SUBJECT: Consider Surety Bond Reduction (No. 81933516) for Pardee Homes,
Moorpark Highlands, Tract 5045
BACKGROUND
Pardee Homes, Moorpark Highlands, Tract 5045, is a 445-acre subdivision housing
development that is located northeasterly of the extension of the new Spring Road
between Walnut Canyon Road and Charles Street with 450 single family residential lots,
102 multi-family condominiums, one school lot, and one lot dedicated for a park. Open
space, common areas and private streets parcels are also included as part of this
subdivision, (Attachment 1).
DISCUSSION
Pardee Homes has requested the reduction of the mass grading bond for this
development.
This surety bond was used as a mechanism to guarantee the construction of the
improvements for this development. All portions covered under this surety bond are
complete and staff recommends that the surety bond be reduced to 10%.
The following is the applicable bond:
BOND NO. TYPE BOND AMT.
Surety Bond — Improvements
81933516 Performance and Payment for Mass $9,424,400.00
Grading
city share/public works/everyone/staff reports/2007/June/surety bond reduction TR 5045 Q Y S
Honorable City Council
June 6, 2007
Page 2
STAFF RECOMMENDATIONS
1. Authorize the City Clerk to reduce Surety Bond No. 81933516 to 10% for Pardee
Homes, Moorpark Highlands, Tract 5045.
2. Authorize the City Clerk to fully exonerate the above referenced surety bond for
Pardee Homes, Moorpark Highlands, Tract 5045, one year after the approval of the
reduction of the surety bond and upon written confirmation from the City Engineer
that no warranty work is required.
ATTACHMENT
1 —Vicinity Map
city share/public works/everyone/staff reports/2007/June/surety bond reduction TR 50453 �'
A TTACHMENT 1
PROJECT SITE
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