HomeMy WebLinkAboutE-4 Staff Report - Tract 74154 Bond ReleaseCONSENT ITEM
E-4
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
VIA: SERGIO GONZALEZ, CITY MANAGER
FROM: ROBERT DELGADILLO, P.E., DIRECTOR OF PUBLIC WORKS/CITY ENGINEER
DATE: MAY 18, 2020
SUBJECT: RELEASE OF BONDS FOR TRACT 74154 IN THE ROSEDALE COMMUNITY
BACKGROUND:
The public improvements for Tract 74154, 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 74154.
RECOMMENDATION:
Staff recommends that the City Council take the following actions:
1)Release the Performance Bond in the amount of $908,831, the Labor and Materials Bond in the
amount of $908,831 and the Monument Bond in the amount of $10,000 for Tract 74154, Lots 1-
6; and
2)Release the Performance Bond in the amount of $241,082 and the Labor and Materials Bond in
the amount of $241,082 for Tract 74154, Lot 7.
ANALYSIS:
Tract 74154 pertains the Transit II neighborhood of the Rosedale Community, at the southwest corner of
The Promenade and Citrus Ave, adjacent to the APU/Citrus College Gold Line Station. The Final Map,
associated Public Improvements Agreement, and bond documents were approved by the City Council on
May 15, 2017. On that date, the Council approved two agreements. One agreement was for the
Completion of Public Improvements for Tract No. 74154, Lots 1-6, a Faithful Performance Bond in the
amount of $908,831, a Labor and Materials Bond also in the amount of $908,831, and a Monument
Bond in the amount of $10,000. The second agreement was for the Completion of Public Improvements
APPROVED
CITY COUNCIL
5/18/2020
Release of Bonds for Tract 74154
May 18, 2020
Page 2
for Tract No. 74154, Lot 7, a Faithful Performance Bond in the amount of $241,082 and a Labor and
Materials Bond also in the amount of $241,082.
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.
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 at the time of entitlement
approval in 2003
Prepared by: Reviewed and Approved:
Robert Delgadillo, P.E. Sergio Gonzalez
Director of Public Works/City Engineer City Manager
Attachment:
1. Tract 74154 Final Tract Map