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Staff Report to the Mayor and City Council <br />Reduction of Performance Bond For Diversified Pacific — Tract 16912 <br />September 7, 2010 <br />Page 2 <br />amount secured. Reduction of the Performance and Labor and Material securities by 75% would <br />set the developer's bonding requirements at: <br />• Faithful Performance <br />$ 200,180.00 (reflective of a 75% reduction) <br />• Labor & Materials <br />$ 100,090.00 (reflective of a 75% reduction) <br />The remaining improvements correspondent to the development of Tract 16912 are: installation <br />of remaining landscaping for the LLMD district, installation of sidewalks along Cisneros Court, <br />Cowan Street and Earp Street and pavement of Tract 16912. <br />Government Code Section 66499(b) authorizes the City Council to reduce the bonds if it is <br />determined that the remaining security will not jeopardize the completion of the remaining <br />improvements. If approved the remaining amount bonded for by the developer will be 25% of <br />the total project and the amount released will total $900,810.00. As the cost to construct the <br />remaining improvements is within 25% ($300,270) of the original bonded amounts, staff is <br />confident that reduction of the developer's bonding requirements will not jeopardize completion <br />of the remaining improvements. <br />FISCAL IMPACTS <br />None. <br />ALTERNATIVES <br />1. Provide alternative direction to staff. <br />ATTACHMENTS <br />Exhibit "A" Improvement Bonds <br />Exhibit `B" Subdivision Agreement <br />