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Community Development Agency, Transportation Division, recommending the Board consider the following:
1) Accept the subdivision improvements for Carson Creek, Unit 1, Phases A - D as complete;
2) Reduce Performance Bond 914641 from $18,793,651.19 to $2,764,790.41, which is 10% of the total project cost estimate (not 10% of the bond). 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;
3) Hold Laborers and Materialmens Bond 914641 for $13,823,952.03 for six months to guarantee payment to persons furnishing labor, materials or equipment; and
4) Authorize the Clerk of the Board to release the respective Bonds after the required time periods.
FUNDING: Developer Funded. (No Federal Funds)
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DEPARTMENT RECOMMENDATION
Community Development Agency, Transportation Division (Transportation), is recommending the Board accept the subdivision improvements for Carson Creek, Unit 1, Phases A - D as complete, reduce Performance Bond 914641 to $2,764,790.41, and hold Laborers & Materialmens Bond 914641 in the amount of $13,823,952.03 for six (6) months. Transportation's construction inspection staff has inspected the work and confirms the subdivision improvements are complete.
Carson Creek, Unit 1, Phases A - D are separate projects but covered by a single set of Bonds. These recommendations begin the process of releasing the Bonds covering all phases of the project.
DISCUSSION / BACKGROUND
The Board approved a Subdivision Improvements Agreement (SIA) between the County and Lennar Homes of California, Inc. (Owner), a California Corporation, for Carson Creek, Unit 1, with Bonds covering all phases of the project, on September 1, 2015 (Item 16).
The subdivision improvements within Carson Creek, Unit 1, Phases A - D, have been completed according to the plans and specifications for this development and per the conditions of the SIA.
ALTERNATIVES
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