FROM:
Engineering
SUBJECT:
Title
Approve a Bond Reduction for Tract No.’s 18825 and 18915
End
RECOMMENDATION:
Recommendation
Approve a reduction of the Faithful Performance and Labor and Materials bonds posted by RSI Communities-California, LLC for Tract No.’s 18825 and 18915 located at the northeast corner of Summit Avenue and Citrus Avenue.
End
COUNCIL GOALS:
• To promote economic development by being business friendly at all levels of operation.
• To invest in the city's infrastructure (streets, sewers, parks, etc.) by maintaining and improving the city's existing infrastructure.
DISCUSSION:
Tract No.’s 18825 and 18915 are located at the northeast corner of Summit Avenue and Citrus Avenue. These single-family residential subdivisions have a total of 94 residential lots. As a requirement of the Subdivision Map Act and as a condition of development, RSI Communities-California, LLC posted bonds to secure 100% of the installation of all public infrastructure improvements for the residential tract. Currently, the developer has completed the majority of the street and public infrastructure work.
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 |
|
18825 |
1083542 |
$831,992.00 |
$166,398.40 |
|
18915 |
1083543 |
$326,058.00 |
$65,211.60 |
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