Camarillo City Council
AGENDA REPORT
Date: August 13, 2025
To: Honorable Mayor and City Councilmembers
From: Greg Ramirez, City Manager
Submitted by: Dave Klotzle, Public Works Director
Subject: Tract 5956 Comstock Properties – Resolution Exonerating Securities for Future Traffic Signal
BACKGROUND
Tract 5956 is the existing residential development project located at the southwest corner of Verdugo Way and Camino Ruiz as shown on the location map (Attachment 1).
On August 24, 2016, a $200,000 security from the developer of Tract 5956/RPD-194, elacora Mission Oaks, LLC,( aka Comstock Properties) was received by the City Council for their proportional share of the design and installation of future traffic signals, when warranted, at the Verdugo Way and Camino Ruiz intersection (Traffic Signal No. 1) and also at the Adolfo Road and Camino Ruiz intersection (Traffic Signal No. 2) as required by the conditions of approval.
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 design and install Traffic Signal No. 1 at the intersection of Verdugo Way and Camino Ruiz prior to the issuance of certificates of occupancy for more than 300 residential units.
On July 10, 2024, the City Council adopted Resolution No. 2024-54 exonerating securities for a future traffic signal at Verdugo Way and Camino Ruiz and accepting a cash-out payment in the amount of $205,000 from T-4272 Tri Pointe Homes. Upon completion and acceptance of Traffic Signal No. 1 at Verdugo Way and Camino Ruiz, the cash-out payment of $205,000 from T-4272 will be transferred from the City to Fairfield for reimbursement towards design and construction of the signal.
Tract 5956 Resolution Exonerating TS Securities
August 13, 2025
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DISCUSSION
Based on the conditions of approval and the actual traffic signal cost from the Fairfield development, City staff determined the actual proportional share amount required by Tract 5956, Comstock Properties to be $80,129 for Traffic Signal No. 1 at the Verdugo Way and Camino Ruiz intersection and $42,000 for Traffic Signal No. 2 at the Adolfo Road and Camino Ruiz intersection, for a total amount of $122,129.
The City received a cash-out check in the amount of $122,129 from Comstock Properties, therefore, the following bonds may be exonerated: Atlantic Specialty Insurance Company Faithful Performance/Labor and Materials Bonds No. 800016469 in the amount of $200,000. Of the total proportional share amount ($122,129), $80,129 will be transferred from the City to Fairfield development for reimbursement towards the design and construction of Traffic Signal No.1 once complete and accepted. The remaining $42,000 will be held by the City for reimbursement for future Traffic Signal No.2.
FISCAL IMPACT
There is no fiscal impact as a result of this action.
RECOMMENDATION
Adopt a Resolution accepting the cash-out of $122,129 and exonerate the security for the traffic signals at Verdugo Way and Camino Ruiz and Adolfo Road and Camino Ruiz for Tract 5956.
ATTACHMENTS
1. Location Map
2. Resolution
REFERENCE MATERIALS – AVAILABLE FOR REVIEW AT CITY HALL None