FROM:
Engineering
SUBJECT:
Title
Approve a Bond Reduction for Tract No. 17041 - Lot 3 (In-tract Improvements) located within the Citrus Heights North Specific Plan (Shady Trails).
End
RECOMMENDATION:
Recommendation
Approve a reduction of the Faithful Performance Bond, Labor and Material Bond, and the Warranty Bond posted by PLC Shady Trails LLC, a Delaware Limited Liability Company, for Tract 17041 - Lot 3 in-tract improvements consisting of street, street light, storm drain, and sewer, located within the Citrus Heights North Specific Plan (Shady Trails).
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COUNCIL GOALS:
• To promote economic development by being business friendly at all levels and striving to constantly improve the City's competitiveness.
• To invest in the City’s infrastructure (streets, sewers, parks, etc.) by maintaining and improving the City's existing infrastructure.
DISCUSSION:
Tract No. 17041 - Lot 3 is located within the Citrus Heights North Specific Plan (Shady Trails), north of Summit Avenue and west of Citrus Avenue. Tract 17041 - Lot 3 is a multi-family subdivision with 91 attached triplex (bungalows) condominium units and 60 detached condominium units. As a requirement of the Subdivision Map Act and as a condition of development, PLC Shady Trails LLC posted bonds to secure 100% of the installation of in-tract improvements, consisting of street, street light, storm drain, and sewer, for Tract 17041 - Lot 3. Currently, the developer has completed majority of the public infrastructure.
This action will authorize an 80% reduction in securities to an amount sufficient to guarantee the completion of all remaining public infrastructure work, as follows:
FISCAL IMPACT:
This action will only authorize the reduction of the posted bond, therefore there is no fiscal impact to City resources at this time.
MOTION:
Approve staff recommendation.