Title
Transportation Department recommending the following pertaining to Serrano Village J3A, Unit 1 Subdivision:
(1) Accept subdivision improvements as complete;
(2) Reduce Performance Bond 929374851 by $426,222.58 to $406,405.97 to guarantee against any defective work, labor done or defective materials furnished and release one year after acceptance if no claims are made; and
(3) Hold Laborers and Materialmen Bond 929374851 in the amount of $2,032,029.83 to guarantee payment to persons furnishing labor, materials or equipment and release in six months after acceptance if 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 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 J3A, Unit 1 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 February 14, 2006.
The Performance Bond. No. 929374851 in the amount of $2,867,570.86, which was previously reduced to $832,628.55, is being reduced by $426,222.58 to $406,405.97 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. 929374851 for $2,032,029.83, 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. 929374851 to $406,405.97.
b.) Hold Laborer and Materialmens Bond No. 929374851for $2,032,029...
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