Title
Department of Transportation recommending the Board consider the following:
1) Accept the subdivision improvements for the West Valley Village - Unit 3C project, TM 10-1500 as complete;
2) Reduce Performance Bond 706103S from $329,110.75 to $90,517.33, which is ten percent of the total cost of the subdivision improvements, which guarantees against any defective work, labor done, or defective materials furnished, and which is to be released after one year if no claims are made;
3) Hold Laborer and Materialmens Bond 706103S in the amount of $452,586.66 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 upon written request from the Department of Transportation.
FUNDING: Developer Funded.
Body
DISCUSSION / BACKGROUND
On April 3, 2018 (Item 29), the Board approved the Final Map and the Agreement to Make Subdivision Improvements for Class 1 Subdivision (SIA) between the County and the Owner, AKT West Valley Investors, LLC, a California Limited Liability Company.
The subdivision improvements have been completed according to the plans and specifications for this development and per the conditions of the SIA. Department of Transportation (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 inspects and approves 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 change to Net County Cost.
CLE...
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