Tract 18105 & Tract 18106
Release of Guarantee & Warranty
Bonds
Department of Public Works
BACKGROUND
• On March 19, 2024, City Council accepted the newly constructed public improvements built by Meritage Homes of California to satisfy the requirements of Tract 18105 and Tract 18106 (Regatta - Holly and Gothard Townhomes, Attachment 3). The public improvements include new curb, gutter, sidewalk, paving, lighting, signing, striping, and utility improvements.
• At that meeting, City Council also accepted a Guarantee and Warranty bond as security for the twelve (12) month warranty period.
LOCATION MAP
NEED/WHY/BENEFITS
• The twelve (12) month warranty period for public improvements constructed by Meritage Homes of California for Tract 18105 and Tract 18106 has elapsed. The Guarantee and Warranty bonds are now eligible for release. • The City Engineer has determined that the public improvements were constructed in substantial compliance with the approved project plans and specifications, have performed satisfactorily throughout the warranty period, and recommends the Guarantee and Warranty bond can be released.
DETAILS
• The constructed public improvements in Tract 18105 and Tract 18106 include:
• Curb, gutter, sidewalk, paving, lighting, signing, striping, and utility improvements
• The twelve (12) month warranty period has now elapsed for the public improvements that were constructed by Meritage Homes of California and their Guarantee and Warranty bonds are now eligible for release.
RECOMMENDATION
A) Release Guarantee and Warranty Bond No. 30190069; and B) Release Guarantee and Warranty Bond No. 30190068; and C) Instruct the City Clerk to notify the developer, Meritage Homes of California, and the City Treasurer to notify the Surety, The Continental Insurance Company, of these actions; and D) Instruct the City Treasurer to notify the City Clerk when the Guarantee and Warranty Bonds mentioned above have been released.
Questions?