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ITEM #11 <br />CITY OF COLTON <br />AGENDA REPORT <br />FOR THE CITY COUNCIL MEETING OF SEPTEMBER 59 2006 <br />TO: HONORABLE MAYOR AND CITY COUNCIL MEMBERS <br />FROM: AMER JAKHER, P.E., CITY ENGINEER <br />SUBJECT: AUTHORIZATION FOR REDUCTION OF PERFORMANCE <br />BOND/ LETTER OF CREDIT WITH THE BLUE MOUNTAIN <br />ESTATES OF THE SUBDIVISION IMPROVEMENTS FOR <br />TRACT 16289. <br />DATE: <br />BACKGROUND: <br />AUGUST 24, 2006 <br />Tract Map 16289 consists of a residential tract development of 92 lot subdivisions, located on the <br />easterly side of New Reche Canyon Road and notherly side of Shadid Drive. The proposed tract is <br />being constructed by Blue Mountain Estates. <br />The Developer submitted a letter of credit prior to recordation of the Tract Map 16289, which was <br />approved by the City Council on October 10, 2004. The City has required the developer to enter <br />into a subdivision agreement to assure completion of the conditioned street improvements. <br />ANALYSIS/DISCUSSION: <br />The developer has completed 60.00 % of the subdivision improvements and has complied with the <br />City's requirements. At this time the developer is requesting a partial release of the performance <br />bond in the amount of $2,244,516.60 and a sixty percent release of the labor and materials bonds in <br />the amount of $ 1,122,225.90; total bond release requested is $3,366,742.50.. <br />ENVIRONMENTAL IMPACT: <br />An Environmental Impact Report was prepared as part of the Tract Development. <br />CONFLICT OF INTEREST <br />Exact Business Name: Trinity-Peppertree, LLC <br />President or Equal: Wyn Holmes <br />Contact Representative: Wyn Holmes <br />