(13)AR 111709 Tract 18250 - Laserfiche WebLink

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ITEM #13 CITY OF COLTON AGENDA REPORT FOR THE CITY COUNCIL MEETING OF NOVEMBER 17, 2009 TO: HONORABLE MAYOR AND CITY COUNCIL MEMBERS FROM: MARITZA TAPIA, INTERIM PUBLIC WORKS DIRECTOR SUBJECT: AUTHORIZATION REDUCTION OF THE PERFORMANCE BOND WITH THE HEADLANDS REALTY CORPORATION FOR SUBDIVISION IMPROVEMENTS FOR TRACT 18250 BY SEVENTY PERCENT. DATE: NOVEMBER 5, 2009 BACKGROUND: Tract 18250 is located south easterly of Agua Mansa Road, bounded at its terminus by Agua Mansa Road and Riverside Avenue; it is a few miles south of the Santa Ana River. As recorded by the County of San Bernardino the project is a portion of Lots 39, 42, 44, 50, and 51 of the Bandini Donation, per book 3 page 24; and Parcel 1 of Parcel Map No. 16806, per book 205 pages 5 to 7. The tract encompasses approximately 94.18 acres. The development consists of 13 industrial -sized lots and will be constructed by Headlands Realty Corporation. The City has required the developer to enter into a subdivision agreement to assure completion of the conditioned street improvements. The Developer submitted faithful performance, labor and material bonds prior to the recordation of Tract Map 18250, which was approved by the City Council on October 21, 2008. The amounts required to secure the completion of the identified public improvements correspondent to the development of Tract 18250 are as follows: • Faithful Performance o $4,438,352.47 (Original Amount) • Labor & Materials o $2,219,176.24 (Original Amount). ANALYSIS/DISCUSSION: The developer has requested reduction of the Performance and Labor and Material securities. The completed improvements to date would allow for a total reduction from the original amount secured of 70%. Reduction of the Performance and Labor and Material securities to 70% would result in the following bonding requirements: • Faithful Performance o $ 1,331,505.75 (70% Reduction) • Labor & Materials o $665,752.87 (70% Reduction)