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Home My WebLink AboutAGENDA REPORT 1995 0906 CC REG ITEM 08MAGENDA REPORT CITY OF MOORPARK TO: The Honorable City Council FROM: Dirk Lovett, Assistant City Engineer Ct C Prepared by Anthony Cooper, Civil Engineer ITEM S. M DATE: August 21, 1995 (Council Meeting September 6, 1995) SUBJECT: Consider Request for the Exoneration and /or Reduction of Bonds for Improvements in the Following Tracts in Mountain Meadows: 4340 -2, 4340 -3, 4341 -1, 4341 -2, 4341 -3, 4342 -2, 4342 -3, 4342 -4, 4792 (California Community Builders) BACKGROUND: The Mountain Meadow Tracts are located east of Tierra Rejada Road and south of the Arroyo Simi Channel. The monumentation, street, storm drain improvements have been nearly completed as described below. DISCUSSION The City is in receipt of a request from California Community Builders (Formerly Urban West Communities) for the exoneration and or reduction of a number of bonds for improvements for Tracts within PC -3. The City Engineer has reviewed that request and, based on the status of the improvements guaranteed by those bonds, recommends the following actions. It is appropriate to accept the improvements covered by the monumentation bonds, # 1113240201, `'#11132649168, ('411132649150, (� 1 1 1 3254043, '4#1 1 1 32648897, '-#1 1 1 32540235, `�1 1 1 3254021 9,&il1132649176 as complete. The storm drain and main recreation area work, performance and payment bonds #8510 and 8554, have been completed and bonds should be reduced to 10% for a one year period. A table has been provided showing the status of bonds being exonerated or released for this project. A recommended action is as also shown. TABLE 1: Current Recommended Reduced Tract Tvoe Bond Surety Co. Status Action Amount 4340 -2 Monument 11132540201 American $5,000.00 Exonerate $5000.00 Insurance Co. 4340 -3 Monument 1 1 132 5402 19 American $11,300.00 Exonerate $11,300.00 Insurance Co. 4341 -2 Monument 11132649168 American $28,200.00 Exonerate $28,200.00 Insurance Co. 4341 -1 Monument 11 132649176 American $52,300.00 Exonerate $52,300.00 Insurance Co. 4341 -3 Monument 11132649150 American $1,400.00 Exonerate $1,400.00 Insurance Cc 4342 -3 Monument 111325401 43 American $10,000.00 Exonerate $10,000.00 Insurance Cc 4342 -4 Monument 11132648897 American $28,000.00 Exonerate $28,000.00 Insurance Co 4342 -2 Monuments 11132540235 American $4,700.00 Exonerate $4,700.00 Insurance Cc 4792 Storm 8510 Pac States $80,281.78 Reduce $8,028.18 Drain Casualty to 10% 4792 Main 8554 Pac States $255,975.00 Reduce $25,597.50 Recreation i',' .^ € (� e t f ` Casualty to 10% OWJJ.;3 Following is a list (T, Tracts 4340 through developer is moving TABLE 2: Tract Tvpe 4340 -2 Street & able 2) of outstanding Urban West improvement bonds for 4342 not being exonerated or reduced at this time. The forward to gain release of these bonds at a future date. Bond Surety Co. Bond Amount Remaining 11 141286721 American $29,450.00 RECOMMENDATION: 1. Accept the subject improvements as complete. 2. Authorize the City Clerk to reduce or exonerate the bonds set forth in Table 1 of this report. cc: file City Manager City Clerk _M 1414 Storm Insurance Co 4340 -3 Street & 11141286739 American $121,000.00 Storm Insurance Co. 4341 -1 Street & 11132649093 American $274,850.00 Storm Insurance Co. 4341 -2 Street & 11132649085 American $15,900.00 Storm Insurance Co. 4341 -3 Street & 11132649077 American $20,900.00 Storm Insurance Co. 4342 -2 Street & 11132540029 American $35,700.00 Storm Insurance Co. 4342 Grading 11132539864 American $160,875.00 Insurance Co. 4342 -3 Street & 11132540037 American $79,500.00 Storm Insurance Co. 4342 -4 Street & 11132648905 American $215,850.00 Storm Insurance Co. RECOMMENDATION: 1. Accept the subject improvements as complete. 2. Authorize the City Clerk to reduce or exonerate the bonds set forth in Table 1 of this report. cc: file City Manager City Clerk _M 1414