https://eldorado.legistar.com/Gateway.aspx?M=LD&From=RSS&ID=4210561&GUID=8BBE3C51-B43E-4120-A36A-C18E519C1CF3Legistar15https://eldorado.legistar.com/Gateway.aspx?M=LD&From=RSS&ID=4210561&GUID=8BBE3C51-B43E-4120-A36A-C18E519C1CF38BBE3C51-B43E-4120-A36A-C18E519C1CF3-2020-09-03-22-39-58Title: Department of Transportation recommending the Board: 1) Accept the subdivision improvements for West Valley Village, Unit 5B, Phase 2, TM 99-1359-R, as complete; 2) Reduce Performance Bond 024057245 from $3,240,410.70 to $324,041.07, which is ten percent of the total cost of the subdivision improvements. This amount guarantees against any defective work, labor done, or defective materials furnished, which is to be released after one year if no claims are made; 3) Hold Laborers & Materialmens Bond 024057245 in the amount of $1,620,205.35 for six months to guarantee payments to persons furnishing labor, materials, or equipment; and 4) Authorize the Clerk of the Board to release the respective Bonds after the required time periods upon written request by the Department of Transportation. FUNDING: Developer Funded.Thu, 03 Sep 2020 22:39:58 GMT