HomeMy WebLinkAboutE-5 Staff Report - Tract 73418 Bond ReleaseCONSENT ITEM
E-5
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 TRACTS 73418, 475 EAST ARROW HIGHWAY
BACKGROUND:
The public improvements for Tract 73418, 475 east Arrow Highway, have been completed in
accordance with the approved plans. The developer is now seeking release of the posted bonds. The
recommended actions approve the release of performance, labor and materials, and monument bonds for
Tract 73418.
RECOMMENDATION:
Staff recommends that the City Council take the following actions:
1)Release the Performance Bond in the amount of $270,320, the Labor and Materials Bond in the
amount of $135,160 and the Monument Bond in the amount of $3,220 for Tract 73418.
ANALYSIS:
Tract 73418 pertains to the 70 townhomes located at 475 east Arrow Highway. The Final Map,
associated Public Improvements Agreement, and bond documents were approved by the City Council on
October 6, 2014. On January 19, 2016, the City entered into an agreement with WH Senna, LLC for the
Completion of Public Improvements for Tract No. 73418, this included a Faithful Performance Bond in
the amount of $270,320, a Labor and Materials Bond also in the amount of $135,160, and a Monument
Bond in the amount of $3,220.
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
5/18/2020
Release of Bonds for Tract 73418
May 18, 2020
Page 2
FISCAL IMPACT:
The Public Improvements will now become the responsibility of the City.
Prepared by: Reviewed and Approved:
Robert Delgadillo, P.E. Sergio Gonzalez
Director of Public Works/City Engineer City Manager
Attachment:
1. Tract 73418 Final Tract Map