Title
Department of Transportation recommending the Board consider the following:
1) Accept the subdivision improvements for Serrano - Village J6 Phase 1 - Unit 1, TM 13-1511, as complete;
2) Reduce Performance Bond 0702219 from $559,556.85 to $346,217.73, 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 0702219 in the amount of $1,731,088.64 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.
FUNDING: Developer Funded.
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DISCUSSION / BACKGROUND
On December 18, 2018 (Item 25), the Board approved the Final Map and the Agreement to Make Subdivision Improvements for Class 1 Subdivision (SIA) between the County and Serrano Associates, LLC, a Delaware limited liability company, Cal Atlantic Group, Inc., a Delaware Corporation and Woodside 05N, LP, a California limited partnership, (Owners) and Serrano Associates, LLC, a Delaware limited liability company, (Subdivider).
The subdivision improvements for the Serrano - Village J6 Phase 1 - Unit 1, TM 13-1511, creating 47 residential lots, 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 ...
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