Camarillo City Council
AGENDA REPORT
Date: July 10, 2024
To: Honorable Mayor and City Councilmembers
From: Greg Ramirez, City Manager
Submitted by: Dave Klotzle, Public Works Director
Subject: Tract 4272 Tri Pointe Homes – Resolution Exonerating Securities for Future Traffic Signal
BACKGROUND
Tract 4272 is the existing commercial development project located east of Santa Rosa Road, north of the US 101 Freeway and south of Adolfo Road as shown on the location map (Attachment 1).
On October 11, 1989, a $205,000 security from the then developer of Tract 4272, Pardee Construction Company, was received by the City Council for their proportional share of the design and installation of a future traffic signal, when warranted, at Verdugo Way and Camino Ruiz as required by the conditions of approval for Tract 4272. On December 5, 2019, Pardee Construction Company merged with Tri Pointe Homes. Tri Pointe Homes requested to pay the City a cash-out check in the amount of $205,000 for a portion of the cost of design and installation of the future traffic signal.
On December 13, 2023, the City Council adopted Resolution No. 2023-100, approving improvement plans and acknowledging receipt of agreements, securities, and other necessary documents for RPD-201, Fairfield Camino Ruiz LLC (Fairfield) located as shown on Attachment 1. The conditions of approval for RPD-201 require Fairfield to install the traffic signal at the intersection of Verdugo Way and Camino Ruiz prior to the issuance of certificates of occupancy for more than 300 residential units. Upon completion and acceptance of the traffic signal at the intersection of Verdugo Way and Camino Ruiz, the cash-out from Tri Pointe Homes will be transferred from the City to Fairfield.
DISCUSSION
The City received a cash-out check in the amount of $205,000 from Tri Pointe Homes for their proportional share of the design and installation of the future traffic signal at Verdugo Way and Camino Ruiz and the following bonds may be exonerated: St. Paul Fire and
Tract 4272 – Resolution Exonerating Securities
July 10, 2024
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Marine Insurance Company Performance/Labor and Materials Bonds No. 400HX1674 in the amount of $205,000.
FISCAL IMPACT
There is no fiscal impact as a result of this action.
RECOMMENDATION
Adopt a Resolution accepting the cash-out and exonerate the security for the future traffic signal at Verdugo Way and Camino Ruiz for Tract 4272.
ATTACHMENTS
1. Location Map
2. Resolution
REFERENCE MATERIALS – AVAILABLE FOR REVIEW AT CITY HALL None