Title
Transportation recommending the following pertaining to Serrano Village K1/K2, Unit No. 3 Subdivision:
(1) Accept the subdivision improvements as complete;
(2) Reduce Performance Bond No 929347732 by $685,602 to $76,178 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. 929347732 in the amount of $380,890 to guarantee payment to persons furnishing labor, materials or equipment and release in six months after acceptance if no claims are made.
RECOMMENDED ACTION: Approve.
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BUDGET SUMMARY: |
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Funding |
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Budgeted |
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New Funding |
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Savings |
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Total Funding Available |
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Change To Net County Cost |
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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. 3 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 October 18, 2005.
The Performance Bond No. 929347732 in the amount of $761,780.00 is being reduced by $685,602.00 to $76,178.00, 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. 929347732 for $380,890.00 guarantees payment to persons furnishing labor, materials or equipment.
Action to be taken following Board approval:
1. The Clerk of the Board will:
a. Reduces the Performance Bond No. 929347732 to $76,178.00.
b. Hold Laborer and Materialmens Bond No. 929347732 for $380,890.00.
2. The Department will request the Clerk of the Board release the Performance Bond after one year and the Laborer and Materialmens Bond after six months, if listed conditions are met.