Title
Community Development Services, Department of Transportation, recommending the Board consider the following:
1) Accept the subdivision improvements for El Dorado Springs 23 (Sierramonte), TM 14-1514 as complete;
2) Reduce Performance Bond SUR0037954 in the amount of $2,706,048.97 to $280,042.61, which is ten percent of the total cost of the subdivision improvements (not ten percent 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 & Materialmens Bond SUR0037954 in the amount of $1,400,213.06 for six months to guarantee payments 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.
Body
DISCUSSION / BACKGROUND
The Board approved the Final Map and the Agreement to Make Subdivision Improvements for Class 1 Subdivision (SIA) between the County and Owner, Cal Atlantic Group, Inc., a Delaware corporation, for El Dorado Springs 23 on October 25, 2016 (Item 16).
The subdivision is located on the west side of White Rock Road, approximately 0.9 mile southwest of the intersection with Latrobe Road, in the El Dorado Hills area. The subdivision improvements have been completed according to the plans and specifications for this development and per the conditions of the SIA. Transportation's construction inspection staff has inspected the work and confirms the subdivision improvements are complete.
ALTERNATIVES
None; when the Owner/Developer completes all improvements and the County inspects and approves those improvements, the County is then obligated to approve reduction of the Bonds, if necessary, and initiate the warranty period.
OTHER DEPARTMENT / AGENCY INVOLVEMENT
N/A
CAO RECOMMENDATION / COMMENTS
It is recommended that the Board approve this item.
FINANCIAL IMPACT
The requested Boa...
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