Title
Transportation Department recommending the following pertaining to Euer Ranch, Unit 4 Subdivision (TM 96-1317):
(1) Accept the subdivision improvements as complete;
(2) Reduce Performance Bond No. 929342442 by $3,067,131.60 to $340,792.40 to guarantee against any defective work, labor done, or defective materials furnished and release one year after acceptance if no claims are made; and
(3) Hold Laborer and Materialsmens Bond No. 929342442 in the amount of $1,703,962 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.
Body
BUDGET SUMMARY:
Total Estimated Cost $0
Funding
Budgeted $0
New Funding $0
Savings $0
Other $0
Total Funding Available $0
Change To Net County Cost $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 4 have been substantially completed according to the plans, specifications and conditions of the Agreement to Make Subdivision Improvements to Class I Subdivisions Between the County and Owner dated December 7, 2004.
The Performance Bond No. 929342442 in the amount of $3,407,924.00 is being reduced by $3,067,131.60 to $340,792.40, 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. 929342442 for $1,703,962.00 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. 929342442 to $340,792.40.
b. Hold the Laborer and Materialmens Bond No. 929342442 for $1,703,962.00.
2. The Department will request the Clerk ...
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