HomeMy WebLinkAboutAGENDA REPORT 2006 0517 CC REG ITEM 10JITEM 10- S•
00RI"ARK, CALIFORNIA
City,, Council Meeting
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MOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: Teddy Okoye, Assistant City Engineer
Prepared by Adam Burks, Assistant Engi eer
DATE: May 3, 2006 (CC Meeting 05- 17 -06)
SUBJECT: Consider Surety Bond Reductions for Toll CA L.P. Moorpark Country
Club Estates (Tract 4928)
BACKGROUND
This project is a 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:
PW IYKL06031/RPT /05/09/06
BOND NO.
TYPE
BOND AMT.
1
929208196
Surety Bond Performance & Payment
$1,703,930.00
(Tract 4928 -2 Phase 1 Interior Slopes)
Surety Bond Performance & Payment
2
929208197
(Tract 4928 -1 Neighborhood A,B,C
$810,013.00
Landscape)
PW IYKL06031/RPT /05/09/06
Toll CA L.P. Surety Bond Reduction
May 17, 2006
Page 2
3
929208199
Surety Bond Performance & Payment
$743,100.00
(Tract 4928 -1 Walnut Canyon Entry)
Surety Bond Performance & Payment
4
929208200
(Tract 4928 -1
$775,500.00
Grimes Canyon Entry Landscape)
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 referenced sureties for Toll
CA L.P., Moorpark Country Club Estates — Tract 4928, 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
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ATTACHMENT 1
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