HomeMy WebLinkAbout06 RELEASE BONDS - PROSPECT VILLAGE TM 16481 02-17-09Agenda Item 6
~ Reviewed:
~~ ~ AGENDA REPORT City Manager
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~~_~ Finance Director N/A
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MEETING DATE: FEBRUARY 17, 2009
TO: WILLIAM A. HUSTON, CITY MANAGER
FROM: TIM D. BEREFT, DIRECTOR OF PUBLIC WORKS/CITY ENGINEER
SUBJECT: ACCEPTANCE OF PUBLIC IMPROVEMENTS AND RELEASE OF BONDS FOR
TRACT MAP NO. 16481, PROSPECT VILLAGE LP
SUMMARY
All public improvements associated with Tract Map No. 16481 have been completed. The Public
Works Department is now recommending the acceptance of public improvements and release of the
public improvement bonds.
RECOMMENDATION
It is recommended that the City Council release the following bonds in the indicated amounts:
Faithful Performance Bond (Bond No. 0421455) ............................................. $ 545,000.00
Labor and Material Bond (Bond No. 0421455) ................................................ $ 272,500.00
FISCAL IMPACT
There is no fiscal impact to the City with this action.
BACKGROUND
Tract Map No. 16481 is bounded by Main Street on the south, Prospect Avenue on the east, Third
Street on the north, and a public alley to the west. As a condition of approval, Prospect Village LP
was required to post the subject bonds for the construction and replacement of public improvements
adjacent to the project.
The developer has completed all work related to the public improvements for Tract Map No. 16481 to
the satisfaction of the Public Works Department. The improvements were completed on February 5,
2009. It is recommended that the above-mentioned bonds be released by the City Council. A
Subdivision Warranty Bond (Bond No. 0421456 of $ 54,500.00) will remain in effect for one year from
the date of completion of the public improvements, which will be February 5, 2010. The developer has
not completed all work related to the monumentation for Tract Map No. 16484, therefore the
Monumentation Bond (Bond No. 0421457 of $ 3,500.00) will be held and released at a later date.
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Tim D. Serlet Dana R. Kasdan
Director of Public Works/City Engineer Engineering Services Manager
Attachment: Location Exhibit
S:\City Council Items\2009 Council Items\Accept imps & Release of Bonds for TR16481.docx
LOCATION MAP
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PROJECT LOCATION
TRACT 16481
PROSPECT VILLAGE
FILE: TRACT 16481.DWC
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