City of Corona
Staff Report
400 S. Vicentia Ave.
Corona, CA 92882
File #: 24-0193
REQUEST FOR CITY COUNCIL ACTION
DATE: 03/20/2024
TO: Honorable Mayor and City Council Members
FROM: Planning and Development Department
SUBJECT:
REDUCE THE AMOUNT OF THE STREET AND ALLEY IMPROVEMENT SECURITIES POSTED FOR TRACT MAP 37644, LOTS 42 THROUGH 45, LOCATED SOUTH OF EAGLE GLEN PARKWAY AND WEST OF INTERSTATE 15 (APPLICANT: TRI POINTE HOMES HOLDINGS, INC.) EXECUTIVE SUMMARY:
This staff report asks that the City Council to approve a request from Tri Pointe Homes Holdings, Inc. to reduce the amount of the securities posted for the street and alley improvements for Lots 42 through 45 of Tract Map 37644. The project site is within the second development phase of the Arantine Hills Specific Plan (Bedford Communities). The proposed request will reduce by 50 percent the amount of the original street and alley bonds posted by the applicant based on the improvements that have been completed to date.
RECOMMENDED ACTION:
That the City Council authorize the Mayor to reduce by fifty percent the securities for the street and alley improvements for Tri Pointe Homes Holdings, Inc. for Lots 42 through 45 of Tract Map 37644. (Bond No. PB03010408366, PB03010408367, and PB03010408368) BACKGROUND & HISTORY:
Tract Map 37644 is a subdivision of approximately 51 acres into 45 lots for condominium purposes and is the second development phase of the Arantine Hills Specific Plan. The second development phase was approved by the City Council on July 22, 2019. The map facilitates the construction of 490 residential units, which includes 88 single-family detached condominiums, 66 detached units in clusters of six, 72 triplex units, 78 paired units in clusters of eight, and 186 townhomes. The project also includes open space areas, trails, and an active park and recreational facility.
On August 2, 2023, Tri Point Homes Holdings, Inc. entered into an agreement with the City for the street and alley improvements on Lots 42 through 45 of Tract Map 37644.
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File #: 24-0193
ANALYSIS:
Tri Pointe Homes Holdings, Inc. is requesting to reduce the amount of security posted for the street and alley improvements on Lots 42 through 45 within Tract Map 37644. The applicant has completed a substantial amount of the alley and street improvements for the project. The applicant’s request would allow the security posted with the City to align with the improvements that have not yet been constructed and would alleviate overall bond liabilities. City staff recommends reducing the Faithful Performance Security by 50 percent, which will ensure sufficient security is maintained to guarantee the completion of the improvements.
The developer originally posted the following security with the City:
Improvement
Security
Security No. Faithful
Performance
Security No. Labor &
Materials
Sprout Lane Street
Improvement Bond
(Lot 42, 43, and 45)
PB03010408366 $1,922,800 PB03010408366 $961,400
Townhome Alley
Improvement Bond
(Lot 44)
PB03010408367 $460,400 PB03010408367 $230,200
Townhome Alley
Improvement Bond
(Lot 43)
PB03010408368 $230,000 PB03010408368 $115,000
A summary of the recommended 50% reduction is as follows:
Improvement
Security
Security No. Faithful
Performance
Security No. Labor &
Materials
Sprout Lane
Street
Improvement
Bond (Lot 42,
43, and 45)
PB03010408366 $961,400 PB03010408366 $480,700
Townhome Alley
Improvement
Bond (Lot 44)
PB03010408367 $230,200 PB03010408367 $115,100
Townhome Alley
Improvement
Bond (Lot 43)
PB03010408368 $115,000 PB03010408368 $57,500
FINANCIAL IMPACT:
The bond substitution fee of $1,735 for the bond reduction has been paid by the developer.
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File #: 24-0193
ENVIRONMENTAL ANALYSIS:
The project was previously evaluated by an Environmental Impact Report that was certified pursuant to CEQA Sections 15162 and 15163 of the State Guidelines for Implementing the California Environmental Quality Act in 2012, and the Supplemental Environmental Impact Report adopted in 2016. Therefore, no further environmental analysis is required to reduce the amount of the project’s posted securities.
PREPARED BY: JESSICA KANG, ASSOCIATE ENGINEER
REVIEWED BY: JOANNE COLETTA, PLANNING AND DEVELOPMENT DIRECTOR Attachments:
1. Exhibit 1 - Location Map
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