HomeMy WebLinkAboutE-7 - Staff Report - Tract 54057-5 Bond ReleaseCONSENT ITEM
E-7
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
VIA: SERGIO GONZALEZ, CITY MANAGER
FROM: DANIEL BOBADILLA, P.E., DIRECTOR OF PUBLIC WORKS/CITY ENGINEER
DATE: OCTOBER 15, 2018
SUBJECT: RELEASE OF BONDS FOR TRACT 54057-5 IN THE ROSEDALE COMMUNITY
BACKGROUND:
The public improvements for Tracts 54057-5, 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, and monument bonds for
Tract 54057-5.
RECOMMENDATION:
Staff recommends that the City Council take the following actions:
1)Release the Performance Bond in the amount of $355,000, the Labor and Materials Bond in the
amount of $355,000 and the Monument Bond in the amount of $10,000 for Tract 54057-5.
ANALYSIS:
Tract 54057-5 is located in the northerly portion of the Rosedale Community. The Final Map, associated
Public Improvements Agreement, and bond documents were approved by the City Council on December
1, 2014. On that date, the Council approved an Agreement for the Completion of Public Improvements
for Tract No. 54057-5, a Faithful Performance Bond in the amount of $355,000, a Labor and Materials
Bond also in the amount of $355,000, and a Monument Bond in the amount of $10,000.
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
CITY COUNCIL
10/15/2018
Release of Bonds for Tract 54057-5
October 15, 2018
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. Sergio Gonzalez
Director of Public Works/City Engineer City Manager
Attachment:
1) Tract 54057-5 Location Map
ATTACHMENT 1