HomeMy WebLinkAboutAGENDA REPORT 2006 1018 CC REG ITEM 10HMOORPARK CITY COUNCIL
AGENDA REPORT
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TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer /Public Works Director
Prepared by Adam Burks, Assistant Engineer
DATE: October 5, 2006 (CC Meeting of 11/01/06)
SUBJECT: Consider Bond Reductions for LA Spring Shopping Center, LLC.
BACKGROUND
This was a commercial planned development (CPD) Permit No. 2002 -01 for a 21,786
square foot commercial - retail- restaurant - service development project on a 2.29 acre
parcel (APN 512 -0- 180 -09), located on the northeast corner of Los Angeles Avenue and
Spring Road (Attachment 1).
DISCUSSION
LA Spring Shopping Center, LLC has requested the reduction of their surety bonds on
file with the City for the LA Spring Shopping Center. These surety bonds were used as a
mechanism to guarantee the grading and improvements and performance and payment
for the project.
All portions covered under these surety bonds are complete.
The following are the applicable bonds:
BOND NO.
TYPE
BOND AMT.
836587S
Surety Bond — Performance &
$268,317.00
Payment
836588S
Surety Bond — Grading &
$50,275.00
Improvements
00011-1 t 011 -1
Honorable City Council
November 1, 2006
Page 2
STAFF. RECOMMENDATIONS
1. Authorize the City Clerk to reduce the above referenced surety bonds to 10% for LA
Spring Shopping Center, LLC.
2. Authorize the City Clerk to fully exonerate the above referenced sureties for LA
Spring Shopping Center, LLC 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
- Vicinity Map
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ATTACHMENT 1
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VICINITY
PROJECT
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L. A. SPRING SHOPPING
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PARCEL MAP 5038