HomeMy WebLinkAboutE-08 - Release of Bonds, Tract 54057-3CONSENT ITEM
E-8
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
VIA: TROY L. BUTZLAFF, ICMA-CM, CITY MANAGER
FROM: DANIEL BOBADILLA, DIRECTOR OF PUBLIC WORKS/CITY ENGINEER
DATE: JUNE 6, 2016
SUBJECT: RELEASE OF PUBLIC IMPROVEMENT BONDS FOR TRACT 54057-3, KNOWN
AS AVENSWOOD IN THE ROSEDALE COMMUNITY
SUMMARY:
The public improvements for Tract 54057-3, also known as Avenswood in the Rosedale Community,
have been completed by TRI Pointe Homes, in accordance with the approved plans. The home builder is
now seeking release of the posted improvement bonds. This action releases the Public Improvement
Bonds for Tract 54057-3.
RECOMMENDATION:
Staff recommends that the City Council take the following actions:
1) Accept public work improvements; and
2)Exonerate the Performance Bond in the amount of $759,900 and the Labor and Materials Bond
in the amount of $759,000 for Tract 54057-3.
DISCUSSION:
Tract 54057-3 is located in the Rosedale Community, north of Sierra Madre Avenue and west of Azusa
Veterans Way. The Final Map, associated Public Improvement Agreements, and bond documents were
approved by the City Council on September 3, 2013.
On that date, the Council approved an agreement for the Completion of Public Improvements for Tract
54057-3, a Faithful Performance Bond in the amount of $759,900 and a Labor and Materials Bond also
for $759,900. These bonds were guaranteed by Philadelphia Indemnity Insurance Company.
APPROVED COUNCIL
MEETING 6/6/2016
Release of Bonds, Tract 54057-3
June 6, 2016
Page 2
The developer has completed the tract and all homes have been sold. All public improvements and
monumentation required under the approved plans and Improvement Agreements have been inspected
and have been completed in accordance with applicable standards. Staff is prepared to accept the public
improvements and is recommending release of the public improvements bonds to the developer.
FISCAL IMPACT:
The Public Improvements will now become the responsibility of the City. No fiscal impacts are
anticipated, as the cost of maintenance was addressed in the Fiscal Impact Study approved as part of the
Monrovia Nursery Specific Plan.
Prepared by: Reviewed and Approved:
Daniel Bobadilla Louie F. Lacasella
Director of Public Works/City Engineer Management Analyst
Reviewed and Approved:
Troy L. Butzlaff, ICMA-CM
City Manager