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DATE: <br />TO: <br />FROM: <br />PREPARED BY <br />ITEM NO. 07 <br />STAFF REPORT <br />SEPTEMBER 7, 2010 <br />HONOR -ABLE MAYOR AND CITY COUNCI <br />R <br />ROD FOSTER, CITY MANAGER <br />MARITZA TAPIA, INTERIM PUBLIC WORKS DIRECTOR <br />SUBJECT: REDUCTION OF PERFORMANCE BOND FOR DIVERSIFIED <br />PACIFIC — TRACT 16912 <br />RECOMMENDED ACTION <br />It is recommended that the City Council reduce the performance bond for Diversified Pacific <br />Tract Map 16912 from 100% to 25%. <br />GOAL STATEMENT <br />The proposed action will support the City's goal to improve the City's infrastructure. <br />BACKGROUND <br />Tract 16912 is located west of La Cadena Drive and at the northwest corner of La Loma Avenue <br />and Rosedale Avenue. The development consists of 74 single-family residential lots. The tract is <br />being constructed by Diversified Pacific Group LLC. <br />The City has required the developer to enter into a subdivision agreement to assure completion <br />of the conditioned street improvements. The Developer submitted faithful performance, labor <br />and material bonds prior to the recordation of Tract Map 16912, which was approved by the City <br />Council on September 5, 2006. The amounts required to secure the completion of the identified <br />public improvements correspondent to the development of Tract 16912 are as follows: <br />• Faithful Performance <br />$ 800,720.00 (Original Amount) <br />• Labor & Materials <br />$ 400,360.00 (Original Amount). <br />ISSUES/ANALYSIS <br />The developer has requested reduction of the Performance and Labor and Material securities. <br />The completed improvements to date would allow for a total reduction of 75% from the original <br />