Title
Transportation Department recommending the Board release Performance Bond No. 864038S in the amount of $983,355 and Laborers and Materialsmen Bond No. 864038S in the amount of $491,677.50 to Nijo Corporation and Evergreen Properties, said bonds have been replaced by current owners, Ridgeview Homes West, LLC, by Board action on August 28, 2007.
RECOMMENDED ACTION: Approve.
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BUDGET SUMMARY:
Total Estimated Cost $0
Funding
Budgeted $
New Funding $
Savings $
Other $
Total Funding Available $
Change To Net County Cost $0
Fiscal Impact/Change to Net County Cost: None
Background: On March 29, 2005, the Board of Supervisors approved the Final Subdivision Map for Ridgeview Village Estates Unit 3, the Subdivision Improvements Agreement with Nijo Corporation and Evergreen Properties, and accepted Performance Bond No. 864038S in the amount of $983,355.00, and Laborers and Materialmens Bond No. 864038S in the amount of $491,677.50 to secure the improvements.
Reason for Recommendation: On the August 28, 2007 Board Agenda, an amended Final Subdivision Map for Ridgeview Village Estates Unit 3 was submitted for approval. The item included a Subdivision Improvements Agreement with current owners, Ridgeview Homes West, LLC, and was secured by Performance Bond No. 2206581 in the amount of $501,274.96 and Laborers & Materialmens Bond No. 2206581 in the amount of $451,800.08. The Board approved the Amended Final Map, approved the new Subdivision Improvement Agreement with Ridgeview Homes West, LLC, and accepted the new bonds to secure the Agreement.
The Transportation Department recommends the Board of Supervisors release the Performance and Laborers & Materialmens bonds No. 864038S, held to secure the prior Agreement with Nijo Corporation and Evergreen Properties, which were replaced by the Board’s action of August 28, 2007.
Action to be taken following Board approval: The Board Cle...
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