HomeMy WebLinkAboutAGENDA REPORT 2007 1205 CC REG ITEM 10O MOORPARK CITY COUNCIL ACTION:��
AGENDA REPORT
TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer/Public Works Directo
Prepared by Adam Burks, Assistant Engineer
DATE: October 30, 2007 (CC Meeting of 12-05-07)
SUBJECT: Consider Reduction of Surety Bonds for Colmer Development
Company, Moondance - Moorpark, L.P., Tract 5307
BACKGROUND
Colmer Development Company, Moondance - Moorpark, L.P., Tract 5307, is a 2.44
acre subdivision housing development that is located on the northeast comer of Los
Angeles Avenue and Flory Avenue with 22 single family residential lots.
DISCUSSION
Colmer Development Company has requested the reduction of their surety bonds for
this development.
The surety bonds were used as a mechanism to guarantee the construction of the
improvements for this development. All portions covered under the surety bonds are
complete and staff recommends that the surety bond be reduced to 10%.
The following are the applicable bonds:
BOND NO. TYPE BOND AMT.
835509S Surety Bond — Grading $67,798.00
SAPublic Works\Everyone\Staff Reports\2007\December\TR 5307 Bond Reduction.doc 0 0"2+41
Honorable City Council
December 5, 2007
Page 2
BOND NO. TYPE BOND AMT.
835558S Surety Bond — Performance and Payment $300,389.00
835559S Surety Bond - Monuments $19,443.00
STAFF RECOMMENDATIONS
1. Authorize the City Clerk to reduce the above referenced Surety Bonds to 10% for
Colmer Development Company, Moondance - Moorpark, L.P., Tract 5307.
2. Authorize the City Clerk to fully exonerate the above referenced surety bonds for
Colmer Development Company, Moondance - Moorpark, L.P., Tract 5307, one year
after the approval of the reduction of the surety bonds and upon written confirmation
from the City Engineer that no warranty work is required.
SAPublic Works\Everyone\Staff Reports\2007\December\TR 5307 Bond Reduction.doc