HomeMy WebLinkAboutAGENDA REPORT 1997 0521 CC REG ITEM 10GTO:
FROM:
DATE:
SUBJECT:
AGENDA REPORT
CITY OF MOORPARK
The Honorable City Council
Dirk Lovett, Assistant City Engineer
Prepared by Chris Oberender, Associate Engineer
May 8, 1997 (Council Meeting May 21, 1997)
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Consider the Request for the Reduction of Bonds for Improvements in Tracts
4637 -1 and 4637 -2 (California Community Builders)
Tracts 4637 -1 and 4637 -2 (South Village - Villagio town homes and Mirabella courtyard homes)
are located south of Mountain Trail and east of Mountain Meadows Drive as shown on the
attached Exhibit A.
Pursuant to the Conditions of Approval, bonds were obtained and submitted to the City by the
developer as surety that the grading, street, storm drain and other improvements would be
completed. Grading, street and storm drain improvements are in various stages of completion and
the developer is requesting that these bonds be reduced by an amount corresponding to the work
now completed.
The City is in receipt of a request from California Community Builders (formerly Urban West
Communities) for the reduction of a number of bonds, as shown in Tables 1 and 2, for
improvements for Tracts 4637 -1 and 4637 -2. Work is not complete, but the Engineering
Department has determined that it is substantially complete to reduce the bonds to 50% at this
time.
TRACT TYPE BOND NO. SURETY CO. PRESENT BOND RECOMMENDED
AMOUNT REDUCED AMOUNT
4637 -1 Grading 185055S Developers $373,528.10 $186,764.05
Insurance Co.
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4637 -1
Street
185056S
Developers
$250,376.50
$125,188.25
4637 -2 Monumentation 185061 S Developers
$8,750.00
Insurance Co.
Insurance Co.
4637 -1
Storm
185057S
Developers
$67,761.64
$33,880.82
Drain
Insurance Co.
4637 -2
Streets
185059S
Developers
$351,011.58
$175,505.79
Insurance Co.
4637 -2
Storm
185060S
Developers
$165,436.26
$82,718.13
Drains
Insurance Co.
The following is a list of outstanding bonds for Tracts 4637 -1 and 4637 -2 which are = being
exonerated or reduced at this time. The developer is moving forward to gain release of these
bonds at a future date.
TABLE 2:
TRACT TYPE BOND NO. SURETY CO.
BOND AMOUNT
REMAINING
4637 -1 Monumentation 185058S Developers
$4,841.87
Insurance Co.
4637 -2 Monumentation 185061 S Developers
$8,750.00
Insurance Co.
The City Engineer has reviewed the request and based on the completion status of the
improvements, recommends the following actions:
1. Authorize the City Clerk to reduce the bonds to the "Recommended Reduced Amounts"
as set forth in Table 1 of this report.
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