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Department of Transportation recommending the Board consider the following:
1) Accept the subdivision improvements for Carson Creek Unit 2A, Phase 2, TM 06-1428R, as complete;
2) Reduce Performance Bond 024072327 from $7,074,748.34 to $757,227.98, which is ten percent of the total cost of the subdivision improvements, an amount which 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 024072327 in the amount of $3,786,139.90 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.
FUNDING: Developer Funded.
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DISCUSSION / BACKGROUND
On March 6, 2018 (Item 25, Legistar 18-0287), the Board approved the Final Map and the Agreement to Make Subdivision Improvements for Class 1 Subdivision for Carson Creek Unit 2A, Phase 2, TM 06-1428R, Agmt #17-54790 (SIA) between the County and Lennar Homes of California, Inc. (Owner).
On May 24, 2022 (Item 15, Legistar 22-0680), the Board approved Assignment, Assumption & Consent Agreement #22-55017, thus converting the Owner from Lennar Homes of California, Inc. to Lennar Homes of California, LLC, and assigning all duties and obligations of the SIA to Lennar Homes of California, LLC.
The amount of $7,074,748.34 does not represent the total cost of the improvements for the project as some of the work was completed under a previous Subdivision Grading Agreement, and developers are required to bond only for improvements that have not yet been completed. The total amount for all improvements is $7,572,279.80. Exhibit C to the SIA, “Certificate of Partial Completion of Subdivision Improvements,” reflects the total project cost estimate, as well as notations of work already completed and thus a reduction in the bonded ...
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