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installation of final one inch street cap on all interior streets, installation of a water pump station, <br />and construction of Reche Canyon Roadway. These improvements total approximately $1,122,000. <br />The completed improvements would allow for an additional 20% reduction, therefore the total <br />reduction from the original amount secured would be 80%. Reduction of the Performance and <br />Labor and Material securities to 80% would result in the following bonding requirements: <br />• Faithful Performance <br />o $ 748,172.20 (80% Reduction) <br />• Labor & Materials <br />o $374,075.40 (80% Reduction). <br />If approved the remaining amounted bonded by the developer will be 20% of the total project and <br />the amount released will total $4,488,990.40. <br />ENVIRONMENTAL IMPACT: <br />Not applicable <br />CONFLICT OF INTEREST <br />Exact Business Name: Admar Management <br />President or Equal: Wyn Holmes <br />Contact Representative: Wyn Holmes <br />FINANCIAL/FISCAL IMPACT: <br />Not applicable <br />RECOMMENDATION: <br />Staff recommends the City Council authorize the City Manager to reduce the bonding requirement <br />by a total of eighty percent for the Blue Mountain Estates for the Subdivision Improvements in <br />Tract No. 16289. <br />Attachments: <br />Exhibit A - Improvement Plans <br />Yorres - EnQineerma Division <br />REVIEW TEAM ONLY <br />City Attorney: A Finance Director: <br />City Manager: Other: <br />