HomeMy WebLinkAboutAGENDA REPORT 2006 0920 CC REG ITEM 10VTO:
FROM:
DATE:
MOORPARK CITY COUNCIL
AGENDA REPORT
Honorable City Council
T 1 O •Y.
Deborah S. Traffenstedt, Administrative Services Director / City Clerk 7:D511—
Prepared by: Blanca Garza, Deputy City Clerk Wr
September 13, 2006 (CC Regular Meeting of 9/20/2006)
SUBJECT: Consider Release of Cash Surety for the Otay Ranch Company for North
Park Communities, LLC
BACKGROUND
The City received the above referenced cash surety from the Otay Ranch Company for North
Park Communities, LLC on October 11, 2005, in the amount of $100,000.00 as a surety to
secure the developer's obligation to reimburse the City for election costs associated with the
North Park Special Election of February 28, 2006.
DISCUSSION
North Park Communities, LLC has requested the cash surety, in the amount of $100,000.00,
be released.
This surety was submitted per the Second Amendment to the Memorandum of Understanding
(MOU) between the City of Moorpark and North Park Village, LP. The cash surety was posted
in the form of business check number 1566 and was accepted by the City to secure the
developer's obligation to reimburse the City for election costs. Cash deposits were also
received from the developer that were used to fund the special election costs. The election
account is currently estimated to have a deficit balance of $1,776.47, after a credit is applied
for equipment purchased that will be retained by the Administrative Services Department
(such as file cabinets). The Community Development entitlement project trust fund currently
has an account balance for the North Park Village project of approximately $32,000. Kim
Kilkenny, representing North Park Communities, LLC, has concurred that the election account
deficit may be funded by a transfer from the Community Development account, in order to
permit a full refund of the $100,000 cash surety at this time.
Staff recommends the $100,000 cash surety be fully released.
( #OOJ S 6
Honorable City Council
September 20, 2006, Regular Meeting
Page 2
The following chart is applicable to the surety and describes the recommended action:
Surety
Type
Deposit Amount
Recommended
Action
Cash Surety
Check Number 1566
$100,000.00
Release
STAFF RECOMMENDATION
1. Authorize the Finance Department to transfer money from the Community
Development North Park project entitlement account to fund any election account
deficit; and
2. Authorize the City Clerk to fully release the cash surety.