Title
Department of Transportation recommending the Board approve and authorize the Clerk of the Board to reduce Performance Bond 0773107 pertaining to Serrano Village J7, TM 18-1536, from $2,638,855.36 to $347,179.77, representing 100% of the total remaining improvements, an amount which guarantees against any defective work, labor done, or defective materials furnished.
FUNDING: Developer Funded.
Body
DISCUSSION / BACKGROUND
On May 4, 2021 (Item 29, Legistar 21-0695), the Board approved the Agreement to Make Subdivision Improvements for Class 1 Subdivision Serrano Village J7, TM 18-1536 (SIA) between the County and Serrano Associates, LLC and Tri Pointe Homes, Inc. (Owners) and Serrano Associates, LLC (Subdivider).
Department of Transportation's (Transportation) construction inspection staff has inspected the work and confirms the subdivision improvements are substantially complete according to the plans and specifications for this development and per the conditions of the SIA. The Subdivider has requested the Performance Bond for the project be reduced commensurate with the work completed, and Transportation agrees the reduction is appropriate. No additional reductions will be made upon acceptance of the project as complete.
ALTERNATIVES
None; pursuant to the terms of the SIA between the County, Owners, and Subdivider, upon receipt of a Certificate stating a portion of the public improvements agreed to be performed has been completed, and County inspection and approval of those improvements, the County is obligated to approve reduction of the bonds.
PRIOR BOARD ACTION
See Discussion / Background section above.
OTHER DEPARTMENT / AGENCY INVOLVEMENT
N/A
CAO RECOMMENDATION / COMMENTS
Approve as recommended.
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 0773107 to $347,179.77 and advise...
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