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File #: 19-0013    Version: 1
Type: Agenda Item Status: Approved
File created: 12/26/2018 In control: Board of Supervisors
On agenda: 1/15/2019 Final action: 1/15/2019
Title: Department of Transportation recommending the Board approve and authorize the Clerk of the Board to reduce Performance Bond 706103S pertaining to West Valley Village Unit 3C, TM 10-1500, from $905,173.31 to $329,110.75, representing 100% of the total remaining improvements. This amount guarantees against any defective work, labor done, or defective materials furnished. FUNDING: Developer Funded.
Attachments: 1. A - Certificate of Partial Completion
Related files: 18-0449

Title

Department of Transportation recommending the Board approve and authorize the Clerk of the Board to reduce Performance Bond 706103S pertaining to West Valley Village Unit 3C, TM 10-1500, from $905,173.31 to $329,110.75, representing 100% of the total remaining improvements.  This amount guarantees against any defective work, labor done, or defective materials furnished.

 

FUNDING:  Developer Funded. 

Body

DISCUSSION / BACKGROUND

On April 3, 2018 (Item 29), the Board approved a Subdivision Improvements Agreement (SIA) between the County and AKT West Valley Investors, LLC (Owner), a California Limited Liability Company, for West Valley Village Unit 3C, TM 10-1500 subdivision with bonds. 

 

Transportation's construction inspection staff has inspected the work and confirms the subdivision improvements have been substantially completed according to the plans and specifications for this development and per the condition of the SIA.  

 

ALTERNATIVES

The Board could decide not to approve the Owner’s request for a bond reduction at this time; however, the Subdivision Map Act does allow for the partial release of the security upon the partial performance of the improvements.

 

PRIOR BOARD ACTION

See Discussion / Background section above.

 

OTHER DEPARTMENT / AGENCY INVOLVEMENT

N/A

 

CAO RECOMMENDATION / COMMENTS

It is recommended that the Board approve this item.

 

FINANCIAL IMPACT

There is no fiscal impact or change to Net County Cost associated with the requested Board action.

 

CLERK OF THE BOARD FOLLOW UP ACTIONS

The Clerk of the Board will reduce Performance Bond 706103S to $329,110.75 and advise Transportation (Julie Millard) and the Owner, AKT West Valley Investors, LLC, Attn.: Yanni Verritos, 7700 College Town Drive, Suite 101, Sacramento, CA 95826, it has been reduced.

 

STRATEGIC PLAN COMPONENT

Infrastructure

 

CONTACT

Rafael Martinez, Director

Department of Transportation