HomeMy WebLinkAboutAGENDA REPORT 1998 0121 CC REG ITEM 11DTO:
FROM:
DATE:
SUBJECT:
AGENDA REPORT
CITY OF MOORPARK
THE HONORABLE CITY COUNCIL
DIRK LOVETT, ASSISTANT CITY ENGINEER
David Grantham, Assistant Engineer
ITEM 1> .
CF OF MOORPAM CALIFORNIA
City Council Meeting
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JANUARY 5, 1998 (CC MEETING OF JANUARY 21, 1998)
EXONERATION OF BONDS - (MISSION BELL - PHASE II)
BACKGROUND:
The Mission Bell Plaza - Phase II project is located adjacent to Los Angles Avenue between Park
Lane and Shasta Avenue. A vicinity map is attached for your reference. In conjunction with the
grading and improvement permits, Performance, Drainage, Monument and Grading Bonds were
posted.
DISCUSSION:
Grading and site improvements have been completed with only monumentation to be completed.
It is therefore appropriate to accept the site improvements and grading as complete and
exonerate those security deposits.
Current Recommended Reduced
Item Type Bond # Surety Co. Status Action Amount
American
A Drainage 3SM88370000 Motorists $287,852 Exonerate
Insurance --
American
B Performance 3SM88555200 Motorists $72,362 Exonerate
Insurance --
American
C Grading 3SM88369900 Motorists $57,588 Exonerate
Insurance =American D Monuments 3SM88535100 $3,757 None N/A
It should be noted that these bonds typically remain in effect at 10% of the original amount for a
period of one year from the date of acceptance. However, the grading and improvements at this
site have been completed for more than one year and therefore may be exonerated at this time.
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Monumentation bonds will be retained until all monumentation has been verified by the City.
RECOMMENDATION:
1 . Accept the grading and site improvements for Mission Bell Plaza - Phase II as complete.
2. Authorize the City Clerk to release the Drainage, Performance and Grading security
deposits.
CC BOND EX Mission Bell Ph 11
000+1.14%
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