Title
Transportation Department recommending the following pertaining to Green Valley Marketplace LLC:
(1) Accept as complete the constructed improvements on Francisco Boulevard (to include a new signal at the intersection of Francisco Boulevard and the Market Place entrance), the intersection improvements at Green Valley Road and Francisco Drive, and the intersection improvements at Francisco Drive and Village Center Drive;
(2) Reduce Performance Bond No. 2171064 by $2,001,540.60 to $222,393.40 to guarantee against defective work, labor done or defective materials furnished and release after one year if no claims are made; and
(3) Hold Payment Bond No. 2171064 in the amount of $2,223,934 to guarantee payment to persons furnishing labor, materials or equipment and release in six months if no claims are made.
RECOMMENDED ACTION: Approve.
Body
BUDGET SUMMARY:
Total Estimated Cost $
Funding
Budgeted $
New Funding $
Savings $
Other $
Total Funding Available $
Change To Net County Cost $
Fiscal Impact/Change to Net County Cost:
Per Section 16 ACCEPTANCE of Road Improvement Agreement #AGMT 05-801, the County (Board of Supervisors) will accept the traffic signals and road improvements for maintenance upon completion of all the work and fulfillment of the conditions of the Agreement. Long-term there will be some financial impact to the County as future maintenance of the facilities will affect the Department’s budget. Current estimated cost per signal is $5,000.00 annually. There is no cost to the County General Fund.
Background:
Road Improvement Agreement #AGMT 05-801, between the County and Green Valley Market Place, LLC was approved by the Board of Supervisors on May 9, 2006. Under conditions of approval for the Green Valley Market Place project, the Developer was required to install traffic signals, crosswalks and turn lanes at the intersection of Francisco Drive and the Market Pla...
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