Title
Department of Transportation recommending the Board:
1) Accept the subdivision improvements for Carson Creek - Village 11A, TM 20-0001, as complete;
2) Reduce Performance Bond 800153746 from $10,556,358.50 to $1,546,068.72, 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 800153746 in the amount of $7,730,343.61 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 August 22, 2023 (Legistar file 23-1519), the Board approved the Final Map and the Agreement to Make Subdivision Improvements for Class 1 Subdivision for Carson Creek - Village 11A, TM 20-0001 (SIA) between the County, R-Hearthstone Lot Option Pool 05, L.P. (Owner), and Lennar Winncrest, LLC (Developer).
The amount of $10,556,358.50 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 $15,460,687.21. Attachment B, Exhibit B 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 amount. The Performance Bond is held at 10% of the total cost of improvements for the warranty period; thus, the reduction is to $1,546,068.72.
The subdivision improvements for the Carson Creek - Village 11A project have been completed according to the plans and specifications for ...
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