Title
Transportation Department recommending the following pertaining to Serrano Village K6, Unit 1:
(1) Accept subdivision improvements as complete;
(2) Reduce Performance Bond 929332636-01 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. 929332636-01 in the amount of $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 K6, Unit 1 have been substantially completed according to the plans, specifications and conditions of the Agreement to Make Subdivision Improvements to Class I Subdivisions Between the County and Owner dated August 17, 2004.
The Performance Bond No. 929332636-01 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. 929332636-01 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 mon...
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