Title
Transportation Department recommending the Board accept the subdivision improvements for Serrano Village J4 as substantially complete; reduce Performance Bond 929347745 by $223,058.61 to $218,896.50 to guarantee against any defective work, labor done or defective materials furnished and release after one year if no claims are made; and hold Laborer and Materialsmen Bond 929347745 in the amount of $1,094,482.50 to guarantee payment to persons furnishing labor, materials or equipment and release after six months if conditions are met.
RECOMMENDED ACTION: Approve.
FUNDING: Not Applicable.
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 action, as the Serrano - El Dorado Owners Association will maintain the roads.
Reason for Recommendation:
The Subdivision Improvements for Serrano Village J4 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 November 15, 2005.
The Performance Bond No. 929347745 in the amount of $1,827,201.00, which was previously reduced to $441,995.11, is being reduced by $223,058.61 to $218,896.50 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. 929347745 for $1,094,482.50, as amended in the August 15, 2005, General Purpose Rider, 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. 929347745 to $218,896.50.
b.) Hold Laborer and M...
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