Title
Department of Transportation recommending the Board:
1) Accept the subdivision improvements for Cambridge Road Townhomes, TM 07-1450, as complete;
2) Reduce Performance Bond SU 1177486-0000 from $873,736.00 to $87,373.60, which is ten percent of the total cost of the subdivision improvements. This amount guarantees against any defective work or defective materials furnished, which is to be released after one year if no claims are made;
3) Hold Laborers & Materialmens Bond SU 1177486-0000 in the amount of $436,868.00 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 Transportation.
(District 2)
FUNDING: Developer Funded.
Body
DISCUSSION / BACKGROUND
On December 13, 2022 (Legistar file 22-2232), the Board approved the Final Map and the Agreement to Make Subdivision Improvements for Cambridge Road Townhomes, TM 07-1450 (SIA) between the County and Agave Lakeside LLC (Owner).
The Performance Bond is held at 10% of the total cost of improvements for the warranty period, thus the reduction to $87,373.60.
The subdivision improvements for the Cambridge Road Townhomes project have been completed according to the plans and specifications for this development and per the conditions of the SIA. The 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
Approve as recommended.
FINANCIAL IMPACT
The requested ...
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