HomeMy WebLinkAboutE-05 - Staff Report Tract 64417 Bond ReleaseCONSENT CALENDAR
E-5
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
VIA: TROY L. BUTZLAFF, ICMA-CM, CITY MANAGER
FROM: DANIEL BOBADILLA, P.E., DIRECTOR OF PUBLIC WORKS/CITY ENGINEER
DATE: JULY 18, 2016
SUBJECT: AUTHORIZATION TO RELEASE BONDS FOR TRACT 64417 IN THE ROSEDALE
COMMUNITY
SUMMARY:
The public improvements for Tracts 64417, in the Rosedale Community, have been completed in
accordance with the approved plans. The home builder is now seeking release of the posted bonds. The
recommended actions approve the release of performance, labor and materials, grading, and monument
bonds for Tracts 64417.
RECOMMENDATION:
Staff recommends that the City Council take the following actions:
1)Release the Performance Bond in the amount of $903,700, the Labor and Materials Bond in the
amount of $903,700, the Grading Bond in the amount of $31,000, and the Monument Bond in
the amount of $30,000 for Tract 64417.
DISCUSSION:
Tract 64417 is located in the southerly portion of the Rosedale Community, west of Azusa Veterans
Way and north of Ninth Street. The Final Map, associated Public Improvements Agreement, and bond
documents were approved by the City Council on May 21, 2012. On that date, the City Council
approved an Agreement for the Completion of Public Improvements for Tract 64417, a Faithful
Performance Bond in the amount of $903,700, a Labor and Materials Bond also in the amount of
$903,700, a Grading Bond in the amount of $31,000, and a Monument Bond in the amount of $30,000.
All public improvements required under the approved plans and Improvement Agreements have been
inspected and have been completed in accordance with applicable standards. In addition, the survey
monuments have been set in accordance with applicable requirements. The security bonds can now be
released.
APPROVED
COUNCIL MEETING
7/18/2016
Release of Bonds for Tract 64417
July18, 2016
Page 2
FISCAL IMPACT:
The Public Improvements will now become the responsibility of the City. The fiscal impacts to maintain
the improvements were addressed in the Fiscal Impact Study approved as part of the Monrovia Nursery
Specific Plan.
Prepared by: Reviewed and Approved:
Daniel Bobadilla, P.E. Louie F. Lacasella
Director of Public Works/City Engineer Management Analyst
Reviewed and Approved:
Troy L. Butzlaff, ICMA-CM
City Manager