Title
Transportation Department recommending the following pertaining to Serrano Village K1 and K2, Unit 6:
(1) Accept the subdivision improvements as substantially complete;
(2) Reduce Performance Bond No. 929422249 by $175,437.94 to $72,677.47 to guarantee against defective work, labor done, or defective materials furnished and release one year after acceptance if no claims are made and conditions have been met; and
(3) Hold the Laborer and Materialmens Bond No. 929422249 in the amount of $363,387.36 to guarantee payment to persons furnishing labor, materials or equipment and release in six months after acceptance if no claims are made.
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 action as the Serrano-El Dorado Owners Association will maintain the roads.
Reason for Recommendation: The Subdivision Improvements within Serrano Village K1 & K2 Unit 6 have been substantially completed according to the plans and specifications for this development, the conditions of the Agreement to Make Subdivision Improvements to Class I Subdivisions Between the County and Serrano Associates, LLC (Owner), dated December 11, 2007, and the El Dorado Hills Specific Plan.
The Department recommendation is to: 1) Reduce Performance Bond No. 929422249 from $248,115.41 to $72,677.47, which is 10% of the total improvements. This amount guarantees against any defective work, labor done, or defective materials furnished, which is to be released after one year if no claims are made; and, 2) to hold Laborer and Materialmens Bond No. 929422249 for $363,387.36 for six months to guarantee payment to persons furnishing labor, materials or equipment.
Action to be taken following Board approval:
1. ...
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