Title
Transportation Department recommending the following pertaining to the Euer Ranch, Unit 2 Subdivision (TM96-1317):
(1) Accept the subdivision improvements as complete;
(2) Reduce Performance Bond No. SU5007984 by $3,421,577.70 to $380,175.30 to guarantee against defective work, labor done, or defective materials furnished and release one year after acceptance if no claims are made; and
(3) Hold Laborer and Materialmens Bond No. SU5007984 in the amount of $1,900,876.50 to guarantee payment to persons furnishing labor, materials or equipment and release in six months after acceptance if no claims are made.
RECOMMENDED ACTION: Approve.
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BUDGET SUMMARY: |
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Total Estimated Cost |
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$0 |
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Funding |
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Budgeted |
$0 |
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New Funding |
$0 |
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Savings |
$0 |
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Other |
$0 |
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Total Funding Available |
$0 |
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Change To Net County Cost |
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$0 |
Fiscal Impact/Change to Net County Cost:
There is no immediate or short-term fiscal impact associated with this action as the roads are private.
Reason for Recommendation:
The Subdivision Improvements for Euer Ranch, Unit 2 have been substantially completed according to the plans, specifications and conditions of the Agreement to Make Subdivision Improvements for Class I Subdivisions Between the County and Owner dated August 31, 2004.
The Performance Bond No. SU5007984 in the amount of $3,801,753.00 is being reduced by $3,421,577.70 to $380,175.30, which is 10% of the total improvements. This amount guarantees against any defective work, labor done or defective materials furnished.
The Laborer and Materialmens Bond No. SU5007984 for $1,900,876.50 guarantees payment to persons furnishing labor, materials or equipment.
Action to be taken following Board approval:
1. The Clerk of the Board will:
a. Reduce the Performance Bond No. SU5007984 to $380,175.30.
b. Hold Laborer and Materialmens Bond No. SU5007984 for $1,900,876.50.
2. The Department will request the Clerk of the Board release the Performance Bond after one year and the Laborer and Materialmens Bond after six months, if listed conditions are met.
Contact:
Richard W. Shepard, P.E.
Director of Transportation
Concurrences: