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Community Development Services, Department of Transportation, recommending the Board consider the following:
1) Accept the subdivision improvements for West Valley Village, Lot V (TM 12-1507) as complete as of July 1, 2018;
2) Reduce Performance Bond K09283420 from $3,092,889.10 to $370,860.84, 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 Laborer and Materialmens Bond K09283420 in the amount of $1,854,304.18 for six (6) months to guarantee payments to persons furnishing labor, materials, or equipment;
4) Accept the bike path improvements for West Valley Village (Blackstone) Class 1 Bike/Pedestrian Trail, Phase 1 and Phase 2 (TM 99-1359) as complete as of July 1, 2018;
5) Reduce Phase 1 Performance Bond 929607009 from $1,269,320.60 to $126,932.06, which is ten percent 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;
6) Hold Phase 1 Laborer and Materialmens Bond 929607009 in the amount of $1,269,320.60 for six (6) months to guarantee payments to persons furnishing labor, materials, or equipment;
7) Authorize the Clerk of the Board to release the aforementioned bonds after the required time periods upon written request from the Department of Transportation; and
8) Authorize the Clerk of the Board to release Phase 2 Performance Bond 929916520 in the amount of $804,401.60 and Phase 2 Laborer and Materialmens Bond 929916520 in the amount of $804,401.60 at this time. The Phase 2 improvements are secured under the West Valley Village, Lot V Subdivision Improvement Agreement bonds, items 2 and 3 above.
FUNDING: Developer Funded.
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DISCUSSION / BACKGROUND
Lot V
West Valley Village is part of the Vall...
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