FOR THE COUNCIL MEETING OF FEBRUARY 21, 2023
COUNCIL AGENDA REPORT
TO: City Council
FROM: City Manager
Prepared by: Chief Deputy City Clerk
SUBJECT: BOND RELEASE FOR BRADLEY WEST, TRACT 6011
RECOMMENDATION:
That the City Council accept as complete the public improvements associated with Bradley West, Tract 6011, and authorize the release of a Faithful Performance Bond [#0708967] in the reduced amount of $100,000 posted in the form of a Surety to guarantee the construction and installation of public improvements off -site; and order that the Contractor, Labor, and Material Bond in the amount of $195,707 and the Guarantee and Defective Material Bond in the amount of $19,571 be retained for six (6) months and one (1) year, respectively, from the date of the release of the Faithful Performance Bond for public improvements.
BACKGROUND:
The Final Map and Agreement for this subdivision were approved by City Council on March 7, 2017. The Final Map was recorded on March 16, 2017.
DISCUSSION:
At the request of the developer, inquiries were sent to the various departments on May 15, 2019, requesting authorization to release the Faithful Performance bond in the original amount of $195,707 for public improvements. Release was granted by each department, except the Public Works Department who did authorize a reduction in the bond amount to $100,000. The developer submitted a subsequent request to release the reduced Faithful Performance Bond on January 16, 2023. A new inquiry was submitted to the Public Works Department the same day. With all work associated with the bond now complete, each of the responsible departments has authorized its full release.
Fiscal Considerations:
None.
Im
None.
act to the Com
R • DA M. WHITE
Chief Deputy City Clerk
Attachments: Requests for Release of Bond
January 16, 2023
DATE
TO:
Finance
Public Works/Engineering
Recreation and Parks
1/30/2023
RETURN DEADLINE
11 Community Development
Fire
FROM: City Clerk
SUBJECT: REQUEST FOR RELEASE/REDUCTION OF BOND
A request has been made by Claire Simoulis, NKT Commercial, LLC 684 Higuera Street, Suite B, San Luis Obispo, CA 93401
regarding Bradley West, Tract 6011
for the release or reduction of
a Faithful Performance Bond
in the amount of $ 100,000.00 posted in the form of a Surety # 0708967
of guaranteeing the following:
as accepted by the City Council for the purpose
Construction and installation of public improvements. The Faithful Performance Bond in the original amount was reduced to $100,000 on November 8, 2021.
You are hereby requested to check the appropriate box below and return to the City Clerk's Office at your earliest convenience and, in the event no later than the date indicated above, so that this matter may be completed as soon as possible.
AS FAR AS THIS DEPARTMENT IS CONCERNED:
the release could be made.
this bond could be reduced to $
hold release because the following items have not been completed. the ‘iCv/.YFS/BoY
Departmen
***Please return original.
By:
2 -Le -i3
Signature Date
May 15, 2019
DATE
TO:
/1
►a
►Z/
Finance
Public Works/Engineering
Recreation and Parks
June 15, 2019
RETURN DEADLINE
®Community Development
Fire
FROM: City Clerk
SUBJECT: REQUEST FOR RELEASE/REDUCTION OF BOND
A request has been made by Steve Simoulis, NKT Commercial, LLC 684 Higuera Street, Ste. 8, San Luis Obispo, CA 93401
regarding BRADLEY WEST, TRACT 6011
for the release or reduction of
A Faithful Performance Bond
in the amount of $ 195,707.00 posted in the form of a Surety # 0708967
of guaranteeing the following:
as accepted by the City Council for the purpose
Construction and installation of public improvements.
You are hereby requested to check the appropriate box below and retum to the City Clerk's Office at your earliest convenience and, in the event no later than the date indicated above, so that this matter may be completed as soon as possible.
AS FAR AS THIS DEPARTMENT IS CONCERNED:
qQ the release could be made.
this bond could be reduced to $
U hold release because the following items have not been completed. �ID�I d Pi By: Av 12/5 f 2-02-12-02-1c7O.c7Department Date "'Please return original.
May 15, 2019
DATE
TO:
/5
Finance
Public Works/Engineering
Recreation and Parks
June 15, 2019
RETURN DEADLINE
Community Development
Fire
FROM: City Clerk
SUBJECT: REQUEST FOR RELEASE/REDUCTION OF BOND
A request has been made by Steve Simoulis, NKT Commercial, LLC 684 Higuera Street, Ste. B, San Luis Obispo, CA 93401
regarding BRADLEY WEST, TRACT 6011
A Faithful Performance Bond
for the release or reduction of
in the amount of $ 195,707.00
# 0708967
of guaranteeing the following:
posted in the form of a Surety
as accepted by the City Council for the purpose
Construction and installation of public improvements.
You are hereby requested to check the appropriate box below and return to the City Clerk's Office at your earliest convenience and, in the event no later than the date indicated above, so that this matter may be completed as soon as possible.
AS FAR AS THIS DEPARTMENT IS CONCERNED:
X
ri
the release could be made.
this bond could be reduced to $
hold release because the following items have not been completed.
Depar(ment
***please return original.
By:
Signature p
shiAl
Date
May 15, 2019
DATE
TO:
Finance
Public Works/Engineering
Recreation and Parks
June 15, 2019
RETURN DEADLINE
®Community Development
Fire
FROM: City Clerk
SUBJECT: REQUEST FOR RELEASE/REDUCTION OF BOND
A request has been made by Steve Simoulis, NKT Commercial, LLC 684 Higuera Street, Ste. B, San Luis Obispo, CA 93401
regarding BRADLEY WEST, TRACT 6011
for the release or reduction of
A Faithful Performance Bond
in the amount of $ 195,707.00 posted in the form of a Surety # 0708967
of guaranteeing the following:
as accepted by the City Council for the purpose
Construction and installation of public improvements.
You are hereby requested to check the appropriate box below and return to the City Clerk's Office at your earliest convenience and, in the event no later than the date indicated above, so that this matter may be completed as soon as possible.
AS FAR AS THIS DEPARTMENT IS CONCERNED:
ri
u
Department
the release could be made.
this bond could be reduced to $
hold release because the following items have not been completed. ***Please return original.
By:
5/Da%1/ f
Sia bture ate
May 15, 2019
DATE
TO:
Finance
Public Works/Engineering
Recreation and Parks
June 15, 2019
RETURN DEADLINE
Z Community Development
Fire
FROM: City Clerk
SUBJECT: REQUEST FOR RELEASE/REDUCTION OF BOND
A request has been made by Steve Simoulis, NKT Commercial, LLC 684 Higuera Street, Ste. 8, San Luis Obispo, CA 93401
regarding BRADLEY WEST, TRACT 6011
for the release or reduction of
A Faithful Performance Bond
in the amount of $ 195,707.00 posted in the form of a Surety # 0708967
as accepted by the City Council for the purpose
of guaranteeing the following:
Construction and installation of public improvements.
You are hereby requested to check the appropriate box below and retum to the City Clerk's Office at your earliest convenience and, in the event no later than the date indicated above, so that this matter may be completed as soon as possible.
AS FAR AS THIS DEPARTMENT IS CONCERNED:
the release could be made.
this bond could be reduced to $
hold release because the following items have not been completed.
Cr RE By: (1- - 2 c4.2, 0575—
Department Signature Date
***Please return original.