Title
Transportation Department recommending the following pertaining to Serrano Village K1/K2, Unit No. 2 Subdivision (TM 01-1377):
(1) Accept the subdivision improvements as complete;
(2) Reduce Performance Bond No. 929374864 by $834,126.30 to $92,680.70 to guarantee against defective work, labor done, or defective materials furnished and release one year after acceptance if no claims are made; and
(3) Hold Laborers and Materialsmen Bond No. 929374864 in the amount of $463,404 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 K1/K2 - Unit No. 2 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 September 12, 2006.
The Performance Bond No. 929374864 in the amount of $926,807.00 is being reduced by $834,126.30 to $92,680.70, which is 10% of the total improvements. This amount guarantees against any defective work, labor done or defective materials furnished.
The Laborer and Materialmens Bond No. 929374864 for $463,404.00 guarantees payment to persons furnishing labor, materials or equipment.
Action to be taken following Board approval:
1. The Clerk of the Board will:
a. Reduce the Performance Bond No. 929374864 to $92,680.70.
b. Hold Laborer and Materialmens Bond No. 929374864 for $463,...
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