COUNCIL AGENDA REPORT
TO: Mayor and City Council
FROM: Donna G. Schwartz, Chief Deputy City Clerk
DATE: October 21, 2025
SUBJECT: Approve Bond Releases for Centennial Square Planned Development No. PD2020-0009
Description:
The City Council will consider authorizing various bond releases for Centennial Square Planned Development Permit No. 2020-0009 located at 360 East Plaza Drive.
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:
City Council to approve the release of various bonds in connection with Centennial Square Planned Development Permit No. 2020-0009 at 360 East Plaza Drive.
BACKGROUND:
The Public Improvements as required by the Centennial Square Planned Development Permit No. PD2020-0009 dated July 21, 2021.
DISCUSSION:
At the request of the developer, inquiries were sent to various departments on August 26, 2025, requesting authorization to release the following bonds:
Faithful Performance Bond – Public Improvements [#4460132] in the full amount of $975,638.73 posted in the form of a surety to guarantee public improvements; and order that the Labor and Material Bond in the amount of $487,819.37 and the Guarantee and Defective Material Bond in the amount of $97,563.87 be retained for six months and one year, respectively from the date of the release of the Faithful Performance Bond for public improvements.
Faithful Performance Bond – Public Landscaping [#4460134] in the full amount of $66,122.00 posted in the form of a surety to guarantee public improvements to install publ ic landscaping, and order that the Labor and Material Bond in the amount of $33,061.00 and the Guarantee and Defective Material Bond in the amount of $6,612.20 be retained for six months and one year, respectively from the date of release of the Faithful Performance Bond for public landscaping.
Full releases were granted by each department.