Title
Department of Transportation recommending the Board approve and authorize the Clerk of the Board to reduce Performance Bond 706105S pertaining to West Valley Village Unit 5C, TM 10-1501, from $1,544,497.13 to $643,498.34, 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 30), 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 5C, TM 10-1501 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 706105S to $643,498.34 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