Agenda #: 5.5
Meeting Date: February 21, 2023
TO: Honorable Mayor and Members of the City Council
FROM: Daniel Fox, City Manager
TITLE: EXONERATION OF SEWER SURETY BOND NO. 24058527 AND STREET LIGHTS SURETY BOND NO. 72BSBHY8528 FOR TRACT
63623 (SOUTH POINTE).
STRATEGIC
GOAL: Open, Engaged & Responsive Government
RECOMMENDATION:
Approve the exoneration of Surety Bond No. 24058527 and Surety Bond No. 72BSBHY8528.
FINANCIAL IMPACT:
This action has no financial impact on the City.
BACKGROUND:
On June 1, 2007, in accordance with Section 66462 of the Subdivision Map Act, the City entered into Development Agreement No. 2005-01 (Agreement), with JCCL-South Pointe West, LLC, the original subdivider, to complete various improvements for Tract Map 63623 (South Pointe). On October 21, 2015, the Agreement was assigned to Lennar Homes of California, Inc., the subdivider. The Agreement was amended on May 4, 2018, to make minor modifications.
As part of the Agreement, the subdivider posted surety bonds with the City to guarantee faithful performance for rough grading & erosion control, private street improvements, private storm drain improvements, public street improvements, sewer improvements, street light improvements, survey monumentation, and the construction of a new public park. The subdivider has completed all of the above improvements to the satisfaction of the City.
ANALYSIS:
The subdivider submitted a written request, dated January 12, 2023, for the exoneration of the sewer and street light improvements bonds (Attachment 1). Public Works staff has verified and confirmed that all work covered under the sewer bond and the street light bond have been completed and meet the requirements to be recommended for exoneration.
The table below provides a summary of current active bonds related to the South Pointe residential development:
Bond Bond # Original
Amount Status
Public Sewer
Improvements 24058527 $256,900
READY FOR EXONERATION
The Los Angeles County Board of
Supervisors approved the
annexation of the Larkstone Drive
public sewer mainline into the
Consolidated Sewer Maintenance
District on September 27, 2022.
Street Lights
Improvements 72BSBHY8528 $69,245
READY FOR EXONERATION
The Los Angeles County Board of
Supervisors approved the
annexation of the Larkstone Drive
public streetlights into the County
Lighting Maintenance District on
August 30, 2022.
Storm Drain
Improvements 24058529 $494,400
ACTIVE
The public storm drain needs to be
transferred to LA County. This
process is underway between the
developer and the County.
Therefore, it is recommended that City Council approve the exoneration of Surety Bond No. 24058527 and Surety Bond No. 72BSBHY8528.
PREPARED BY:
REVIEWED BY:
Attachments:
1. 5.5.a Lennar Bond Release Request