FROM:
Engineering
SUBJECT:
Title
Approve a Bond Reduction for Tract No. 20010 (In-tract Improvements) for the Narra Hills Project, formerly known as Monarch Hills
End
RECOMMENDATION:
Recommendation
Approve a bond reduction of the Faithful Performance and Labor and Materials Bonds posted by LS Fontana, LLC for Tract No. 20010, located along Coyote Canyon Road (formerly Lytle Creek Road) and north of Duncan Canyon Road.
End
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. 20010 is located along Coyote Canyon Road and north of Duncan Canyon Road. As a requirement of the Subdivision Map Act and as a condition of development, LS Fontana, LLC posted bonds to secure 100% of the installation of public infrastructure for the residential tract. 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:
|
Tract No. |
Bond No. |
Bond Amount |
Reduce To |
|
20010 (In-tract Improvements) |
PB03010408619 |
$1,384,641.00 |
$276,928.20 |
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.