HomeMy WebLinkAboutE-9 Staff Report - Tract 54057-1 Bond ReleaseCONSENT ITEM
E-9
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: JUNE 15, 2020
SUBJECT: RELEASE OF BONDS FOR TRACT 54057-1 IN THE ROSEDALE COMMUNITY
BACKGROUND:
The improvement operations for Tract 54057-1, in the Rosedale Community, have been completed in
accordance with the approved improvement plans. The home builder is now seeking release of the
remaining posted Bonds. The recommended actions approve the release remaining Bonds for Tract
54057-1.
RECOMMENDATION:
Staff recommends that the City Council take the following actions:
1)Release the Performance Bond in the amount of $2,001,364 for Tract 54057-1
ANALYSIS:
Tract 54057-1 pertains street, storm drain, sewer, and water improvements associated with the backbone
street improvements of the Rosedale Community. On October 1, 2007, the Council approved the
reduction in bonds from $12,646,280 to $2,001,361. The final improvements along The Promenade
between Palm Drive and Citrus Avenue have been completed to the satisfaction of the City Engineer
which is why Staff is recommending the release of the remaining bonds associated with Tract 54057-1.
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
APPROVED
CITY COUNCIL
6/15/2020