Title
Department of Transportation recommending the Board:
1) Accept the subdivision improvements for West Valley Village, Unit 5B, Phase 2, TM 99-1359-R, as complete;
2) Reduce Performance Bond 024057245 from $3,240,410.70 to $324,041.07, 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 024057245 in the amount of $1,620,205.35 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 the Department of Transportation.
FUNDING: Developer Funded.
Body
DISCUSSION / BACKGROUND
The Board approved the Final Map and the Agreement to Make Subdivision Improvements for Class 1 Subdivision between County and Owner, Meritage Homes of California, Inc., a corporation duly qualified to conduct business in the State of California (Owner) for West Valley Village - Unit 5B - Phase 2, on July 15, 2014 (Item 14).
The subdivision improvements have been completed according to the plans and specifications for this development and pursuant to the conditions of said Agreement to Make Subdivision Improvements. The Department of Transportation's 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
See 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 request...
Click here for full text