Title
Transportation Department recommending the following pertaining to Serrano Village J3B, Unit 1:
(1) Accept the subdivision improvements as complete;
(2) Reduce Performance Bond No. 929332636 to $166,133.89 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 previously posted Laborers and Materialmens Bond No. 929332636 to $830,669.48 to guarantee payment to persons furnishing labor, materials or equipment and release six months after acceptance if no claims are made.
RECOMMENDED ACTION: Approve.
Body
BUDGET SUMMARY:
Total Estimated Cost $0
Funding
Budgeted $0
New Funding $0
Savings $0
Other $0
Total Funding Available $0
Change To Net County Cost $0
Fiscal Impact/Change to Net County Cost:
There is no immediate or short-term fiscal impact associated with this action, as the Serrano - El Dorado Owners Association will maintain the roads.
Reason for Recommendation:
The Subdivision Improvements for Serrano Village J3B, Unit 1 have been substantially completed according to the plans, specifications and conditions of the Agreement to Make Subdivision Improvements for Class 1 Subdivisions Between the County and Owner dated August 17, 2004.
The Performance Bond No. 929332636 in the amount of $1,661,338.95 guarantees against any defective work, labor done or defective materials furnished. This bond is being reduced by $1,495,205.06 to $166,133.89, which is 10% of the total improvements. If there are no defects or warrantee claims, the Department will notify the Board Clerk to release this bond one year after acceptance.
The Laborer and Materialmens Bond No. 929332636 for $830,669.48 guarantees payment to persons furnishing labor, materials or equipment. If there are no claims made, the Department will notify the Board Clerk to release this bond six months after ...
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