Title
Transportation Department recommending the following pertaining to Serrano Village K5, Unit 2 Subdivision:
(1) Accept the subdivision improvements as complete;
(2) Reduce Performance Bond No 929347744-01 by $360,638.01 leaving a balance of $325,527.90 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 posted Laborer and Materialsmen Bond No. 929347744-01 in the amount of $1,627,640 to guarantee payment to persons furnishing labor, materials or equipment and release in six months; if listed conditions are met.
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 in Serrano Village K5, Unit 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 May 16, 2006.
The Performance Bond. No. 929347744-01 in the amount of $2,384,919.00, which was previously reduced to $686,165.91, is being reduced by $360,638.01 to $325,527.90 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. 929347744-01 for $1,627,640.00, 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. 929347744-01 to $325,527.90.
b.) Hold Labo...
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