(6)AR 060209 Performance Bond - Laserfiche WebLink

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ITEM #6 CITY OF COLTON AGENDA REPORT FOR THE CITY COUNCIL MEETING OF JUNE 2, 2009 TO: HONORABLE MAYOR AND CITY COUNCIL MEMBERS FROM: MARITZA TAPIA, INTERIM PUBLIC WORKS DIRECTOR SUBJECT: AUTHORIZE REDUCTION OF THE GRADING PERFORMANCE BOND FOR TRACT 18250 WITH HEADLANDS REALTY CORPORATION FOR THE AGUA MANSA COMMERCE CENTER BY NINETY PERCENT. DATE: MAY 21, 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 authorized the early commencement of grading on August 5, 2008 and required the developer to enter into a grading agreement to assure completion of the grading improvements. The security required by the City to ensure the completion of the identified grading improvements, is a Faithful Performance Grading Bond in the amount of $1,500,000.00 (Original Amount). ANALYSIS/DISCUSSION: The developer has requested reduction of the Faithful Performance Grading Bond #6493609, by ninety percent. The remaining improvements correspondent to the development of Tract 18250 are final grading of the proposed street and final grading of Lot #10. If approved the existing bond would be reduced by $1,350,000.00. Reduction of this project's Faithful Performance Grading Bond by ninety percent would require $150,000.00 remain bonded; this amount reflects the cost of the remaining improvements.