Title
Department of Transportation recommending the Board approve and authorize the Clerk of the Board to reduce Performance Bond 800169856 pertaining to Silver Springs Unit 3, TM97-1330, from $5,972,747.00 to $1,081,215.55, representing 100% of the total remaining improvements. This amount guarantees against any defective work, labor done, or defective materials furnished.
(District 1)
FUNDING: Developer Funded.
Body
DISCUSSION / BACKGROUND
On February 27, 2024 (Legistar file 24-0368), the Board approved the Agreement to Make Subdivision Improvements for Class 1 Subdivision Silver Springs Unit 3, TM97-1330 (SIA) between the County, Silver Springs, LLC, and TTLC El Dorado - Silver Springs, LLC. On June 17, 2025 (Legistar file 25-0594), the Board approved the First Amendment to the SIA, updating both the project owner and developer to Silver Springs 181 Venture, LLC (Owner). The Second Amendment to the SIA was executed on February 26, 2026, under the authority of Resolution 006-2026, extending the performance period from February 27, 2026, to February 27, 2027.
Department of Transportation's (Transportation) construction inspection staff has inspected the work and confirms the subdivision improvements are partially complete according to the plans and specifications for this development and per the conditions of the SIA. The Owner has requested the Performance Bond for the project be reduced commensurate with the work completed, and Transportation agrees the reduction is appropriate.
ALTERNATIVES
None; pursuant to the terms of the SIA between the County and Owner, upon receipt of a Certificate stating a portion of the public improvements agreed to be performed has been partially completed, and County inspection and approval of those improvements, the County is obligated to approve reduction of the bonds.
PRIOR BOARD ACTION
See Discussion / Background section above.
OTHER DEPARTMENT / AGENCY INVOLVEMENT
N/A
CAO RECOMMENDATION / COMMENTS
approve as ...
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