Title
Department of Transportation recommending the Board consider the following:
1) Accept the subdivision improvements for Promontory Village Center Lot 8, TM 13-1513, as complete; and
2) Hold Performance Bond with Rider SUR23100054 in the amount of $662,628.54 which is to be released after one (1) year if no claims are made; this amount guarantees against any defective work, labor done, or defective materials furnished; and
3) Hold Laborers & Materialmens Bond SUR23100054 in the amount of $3,813,974.84 for six (6) 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.
FUNDING: Developer Funded.
Body
DISCUSSION / BACKGROUND
The Board approved a Subdivision Improvements Agreement (SIA) between the County and RREF II-RD Willows, LLC (Owner), a California Limited Liability Company, for Promontory Village Center Lot 8 subdivision with bonds, on October 27, 2015 (Item 14).
The subdivision improvements have been completed according to the plans and specifications for this development and per the conditions of said Agreement to Make Subdivision Improvements. The Department of Transportation's (Transportation) construction inspection staff has inspected the work and confirms the subdivision improvements are complete.
ALTERNATIVES
None; when the Owner/Developer completes all improvements and the County Inspector approves of those improvements, the County is then obligated to approve reduction of the Bonds, if necessary, and initiate the warranty period.
PRIOR BOARD ACTION
Outlined in the Discussion / Background section above.
OTHER DEPARTMENT / AGENCY INVOLVEMENT
N/A
CAO RECOMMENDATION / COMMENTS
It is recommended that the Board approve this item.
FINANCIAL IMPACT
The requested Board action has no associated fiscal impact or Net County Cost.
CLERK OF THE BOARD FOLLOW UP ACTIONS
1) The Clerk of the Board will hold the Perform...
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