(14)AR 040709 Performance Bond - Laserfiche WebLink

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ITEM #14 CITY OF COLTON AGENDA REPORT FOR THE CITY COUNCIL MEETING OF APRIL 7, 2009 TO: HONORABLE MAYOR AND CITY COUNCIL MEMBERS FROM: MARITZA TAPIA, INTERIM PUBLIC WORKS DIRECTOR SUBJECT: AUTHORIZATION REDUCTION OF THE PERFORMANCE BOND WITH THE BLUE MOUNTAIN ESTATES FOR SUBDIVISION IMPROVEMENTS FOR TRACT 16289 BY EIGHTY PERCENT. DATE: MARCH 11, 2009 BACKGROUND: Tract Map 16289 consists of a residential tract development of 92 lot subdivisions, located on the easterly side of New Reche Canyon Road and northerly side of Shadid Drive. The proposed tract is being constructed by Blue Mountain Estates. The City has required the developer to enter into a subdivision agreement to assure completion of the conditioned street improvements. The Developer submitted a letter of credit prior to the recordation of Tract Map 16289, which was approved by the City Council on October 10, 2004. The amounts required to secure the completion of the identified public improvements correspondent to the development of Tract 16289 are as follows: • Faithful Performance o $3,740,861.00 (Original Amount) • Labor & Materials o $1,870,377.00 (Original Amount). On September 5, 2006, the City Council approved the release of 60% of the subdivision improvements. This action authorized the developer to reduce the amounts of their Faithful Performance and Labor and Materials securities as follows: • Faithful Performance o $ 1,496,344.40 (60% Reduction) • Labor & Materials o $748,150.80 (60% Reduction). ANALYSIS/DISCUSSION: The developer has requested further reduction of the Performance and Labor and Material securities. The remaining improvements correspondent to the development of Tract 16289 are: