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Community Development Agency, Transportation Division, Development/Right-of-way/Environmental recommending the Board consider the following:
1) Accept the subdivision improvements for Promontory Village Center Lot H, Unit 1 as complete;
2) Reduce Performance Bond No. 929575177 to $174,473, which is 10% 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 and Materialmens Bond No. 929575177 in the amount of $872,361.49 for six months to guarantee payment 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.
Funding: Developer Funds. (No Federal Funds)
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Fiscal Impact/Change to Net County Cost:
The requested Board action has no associated fiscal impact or Net County Cost.
Reason for Recommendation:
The Subdivision Improvements within Promontory Village Center Lot H, Unit 1 have been completed according to the plans and specifications for this development, and per the conditions of the Agreement to Make Subdivision Improvements to Class I Subdivisions between the County and Standard Pacific Corp. (Owner), dated November 5, 2013.
Clerk of the Board follow up action(s):
1) The Clerk will reduce the Performance Bond No. 929575177 to $174,473 and advise the Owner it has been reduced.
2) The Clerk will hold the Laborers & Materialmens Bond No. 929575177 in the amount of $872,361.49 for six months. If no claims have been filed, the Transportation Division will request in writing that the Clerk release said Bond.
Division of the Board follow up action(s):
1) The Transportation Division will perform a one-year maintenance inspection and require owner to repair deficiencies noted (if any), in accordance with the terms of the Agreement.
2) The Transportation Division will submit a ...
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