Title
Transportation Department recommending the Board accept the subdivision improvements for Euer Ranch, Unit 8 as substantially complete; reduce Performance Bond No. 8734511 by $351, 652.50 to $39,072.50 to guarantee against any defective work, labor done or defective materials furnished and release said bond after one year if no claims are made; and hold Laborer and Materialsmens Bond 8734511 in the amount of $195,362.50 to guarantee payment to persons furnishing labor, materials or equipment and release after six months if conditions are met.
RECOMMENDED ACTION: Approve.
Body
BUDGET SUMMARY:
Total Estimated Cost $
Funding
Budgeted $
New Funding $
Savings $
Other $
Total Funding Available $
Change To Net County Cost $
Fiscal Impact/Change to Net County Cost:
There is no Fiscal Impact associated with this agenda item.
Reason for Recommendation:
The Subdivision Improvements for Euer Ranch, Unit 8 have been substantially completed according to the plans, specifications and conditions of the Agreement to make Subdivision Improvements to Class 1 Subdivisions between the County and Owner dated December 13, 2005.
The Performance Bond No. 8734511 in the amount of $390,725.00 is being reduced by $351,652.50 to $39,072.50, 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. 8734511 for $195,362.50 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. 8734511 to $39,072.50.
b. Hold the Laborer and Materialmens Bond No. 8734511 for $195,362.50.
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.
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