HomeMy WebLinkAboutAGENDA REPORT 2006 1220 CC REG ITEM 10IMOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: Yugal K. Lail, City Engineer /Public Works Directo
Prepared by: Adam Burks, Assistant Engineer
DATE: November 29, 2006 (CC Meeting 12- 20 -06)
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SUBJECT: Consider Refund of the Cash Surety for Shea Homes LP (TR5133)
BACKGROUND
Shea Homes LP is constructing 79 single - family, detached condominiums on 9.21
acres, located on the south side of Los Angeles Avenue (SR118) between Moorpark
Road and Freemont Street (Attachment 1).
DISCUSSION
This cash surety was a grading restoration bond. The early grading agreement
executed on August 11th, 2004 required that Shea Homes LP post a cash surety
guaranteeing restoration of the site to its pre - graded condition in the event the City
Council did not approve the Final Subdivision Map.
The Final Map has been approved and acceptable substitute surety bonds have been
received. Staff recommends that the cash surety, check #32648675, for Shea Homes
LP on file with the City of Moorpark be refunded.
The following is the applicable bond:
CHECK NO.
TYPE
REFUND AMT.
32648675
Restoration Cash Bond
$1,275,718.57
Honorable City Council
December 20, 2006
Page 2
STAFF RECOMMENDATION
Authorize the City Clerk to refund the above referenced cash surety amount, for Shea
Homes LP (TR5133).
ATTACHMENT
1 - Vicinity Map
HIGH ST.
ATTACHMENT 1
PRINCETON
AVENUE
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PROJECT N.T.S.
SITE
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VICINITY MAP