Title
Department of Transportation recommending the Board:
1) Accept the subdivision improvements for Promontory Village 7 - Unit 1, TM 16-1530, as complete;
2) Reduce Performance Bond US00117346SU22A from $2,502,669.80 to $514,889.90, 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 US00117346SU22A in the amount of $2,574,449.50 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 Transportation. (District 1)
FUNDING: Developer Funded.
Body
DISCUSSION / BACKGROUND
On December 6, 2022 (Legistar file 22-2201), the Board approved the Final Map and the Agreement to Make Subdivision Improvements for Promontory Village 7 - Unit 1, TM 16-1530 (SIA) between the County and Lennar Homes of California, LLC (Owner).
The amount of $2,502,669.80 does not represent the total cost of the improvements for the project as some of the work was completed under a previous Subdivision Grading Agreement, and developers are required to bond only for improvements that have not yet been completed. The total amount for all improvements is $5,148,899.00. Exhibit B to the SIA, “Certificate of Partial Completion of Subdivision Improvements,” reflects the total project cost estimate, as well as notations of work already completed and thus a reduction in the bonded amount. The Performance Bond is held at 10% of the total cost of improvements for the warranty period, thus the reduction to $514,889.90.
The subdivision improvements for the Promontory Village 7 - Unit 1 project have been completed according to the plans and specifications for this development and per the conditions of the SIA. The Department of ...
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