HomeMy WebLinkAboutAGENDA REPORT 2006 0426 CC SPC ITEM 04IrrEM 4 . X.
sib 100kPARK, CALIFORNIA
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MOORPARK CITY COUNCIL�'`�_
AGENDA REPORT:.
TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer /Public Works Director
Prepared by Adam Burks, Assistant Engineer tiQ
DATE: April 14, 2006 (Special Council Meeting 4/26/06)
SUBJECT: Consider Surety Bond Reductions for Cabrillo Economic
Development Corporation, Mountain View Homes - Tract 5161
BACKGROUND
This project, Tract 5161, is a 59 home subdivision housing development located on the
southwest corner of Gisler Road and Poindexter Avenue. (Attachment 1)
DISCUSSION
The developer, Cabrillo Economic Development Corporation, has requested the
reduction of the Surety Bonds for this development on file with the City of Moorpark.
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 to the City and staff recommends that the bonds be reduced to 10 %.
The following are the applicable bonds:
000035
BOND NO.
TYPE
BOND AMT.
1
835230S
Surety Bond Monuments
$18,207.14
2
3SM98563100
Monument Bond
$21,166.00
000035
Cabrillo Surety Bond Reduction
April 19, 2006
Page 2
STAFF RECOMMENDATION
Authorize the City Clerk to reduce the above referenced Surety Bonds to 10% for
Cabrillo Economic Development Corporation, Mountain View Homes - Tract 5161.
2. Authorize the City Clerk to fully exonerate the above referenced sureties for Cabrillo
Economic Development Corporation, Mountain View Homes - Tract 5161 one year
after this approval of the reduction of the Surety Bonds and upon written
confirmation from the City Engineer that no warranty work is required.
ATTACHMENT
Attachment 1 - Vicinity Map
000036
S.P.R.R.
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