Title
Department of Transportation recommending the following pertaining to West Valley Village Unit 8A:
1) Accept subdivision improvements as substantially complete;
2) Reduce "Performance Bond" portion of cash deposit to $475,898.89 to guarantee against any defective work, labor done, or defective materials furnished and release one year after acceptance if no claims are made; and
3) Hold "Laborers and Materialmen's Bond" portion of cash deposit in the amount of $1,175,282.21 to guarantee payment to persons furnishing labor, materials or equipment and release six months after acceptance if no claims are made.
Body
Fiscal Impact/Change to Net County Cost
The requested Board action has no associated fiscal impact or net County cost.
Background
On March 31, 2011, Taylor Morrison of California, LLC, wire transferred $2,995,803.09 to El Dorado County to bond for securities mandated in El Dorado County's Subdivision Ordinance - (Title 16, County Code #16.16.050) which is to guarantee the performance of the improvement agreement and secondly guarantees payment to the contractor, subcontractors and persons furnishing labor, materials or equipment. These are commonly referred to as "Performance" and "Laborer & Materialmen's" Bonds. The County Treasurer placed this $2,995,803.09 deposit into Account #8830357 with instructions to segregate, block and accrue interest. Account #8802315 was established in which the interest has been posted. The initial account reserved $1,820,520.88 as surety for the "Performance Bond" portion and $1,175,282.21 for the "Laborer & Materialmen's Bond" portion.
Reason for Recommendation
The Subdivision Improvements for West Valley Village 8A are substantially complete according to the plans, specifications and conditions of the Agreement to Make Subdivision Improvements to Class I Subdivisions Between the County and Owner (AGMT #11-53136) dated May 17, 2011.
The Department of Transportation (Department) has received and accept...
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