FOR THE COUNCIL MEETING OF OCTOBER 1, 2024
COUNCIL AGENDA REPORT
TO: City Council
FROM: Interim City Manager Alex Posada
BY: Chief Deputy City Clerk Donna G. Schwartz
SUBJECT: Bond Release for Betteravia Plaza, Tract 6008
Description:
The City Council will consider authorizing certain bond release s for Betteravia Plaza, Tract 6008.
Environmental Notice: The activity is not a “Project” as defined under Section 15378 of the California Environmental Quality Act State Guidelines; therefore, pursuant to State Guidelines Section 15060(c)(3) no environmental review is required.
RECOMMENDATION:
Council to approve and accept as complete , the public improvements associated with Betteravia Plaza, Tract 6008, and authorize the release of various Faithful Performance Bonds related to this tract.
BACKGROUND:
The Final Map and Agreement for this subdivision were approved by City Council on October 15, 2019.
DISCUSSION:
At the request of the developer, inquiries were sent to the various departments on September 3, 2024, requesting authorization to release
Faithful Performance Bond – Public Improvements [#30051905] in the original amount of $ 3,602,226.10 posted in the form of a Surety to guarantee the site preparation & Grading/Sanitary Sewers/Water Distribution/Storm Drainage/Roadway/Street Improvements & Utilities; and order that the Labor and Material Bond [#30051905-B] in the amount of $1,801,113.05 and the Guarantee and Defective Material bond [#30051905-C] in the amount of $360,222.61 and the Monumentation bond [#30051909] in the amount of $20,000 be retained for six months and one year and one year respectively, from the date of the release of the Faithful Performance Bond for public improvements. Full release was granted by each department.
Faithful Performance Bond – Landscaping & Irrigation [#30051906] in the partial (50 percent) amount of $598,120. posted in the form of a Surety to guarantee the 2 landscaping and irrigation; and order that the remainder of the bond be released once completed at the authorization of Director of Public Works and Chief Deputy City Clerk. And further order that the Labor and Material Bond [#30051906 -E] in the amount of $598,120 and the Gu arantee and Defective Material bond [#30051906-F] in the amount of $119,624 and the Faithful Performance bond for Street Trees [#30051908] in the amount of $96,250.00 be retained for six months and one year and one year respectively, from the date of the f ull release of the Faithful Performance Bond for landscaping & irrigation. Partial release was granted by each department.
Faithful Performance Bond – Multi-Purpose Trail and Boundary Walls [#30051907] in the full amount of $332,770 posted in the form of a Surety to guarantee the Multi- purpose trail and perimeter wall/fence; and order that the Labor and Material Bond [#30051907-I] in the amount of $166,385 and the Guarantee and Defective Material bond [#30051907-J] in the amount of $33,277 be retained for six months and one year respectively, from the date of the release of the Faithful Performance Bond for Multi -Purpose Trail and Boundary Walls. Full release was granted by each department.
Faithful Performance Bond – Completion of Subdivision Improvement P lans [#30076220] in the full amount of $25,000. Full release was granted by each department.
Fiscal Considerations
None.
Impact to the Community
None.
Attachments:
A: Bond Release Authorizations