Title
Department of Transportation recommending the Board consider the following:
1) Accept the subdivision improvements for Serrano Village J7, TM 18-1536, as complete;
2) Hold Performance Bond 0773107 in the amount of $347,179.77, which is ten percent of the total cost of the subdivision 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;
3) Hold Laborers & Materialmens Bond 0773107 in the amount of $1,735,898.84 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 upon written request by Transportation.
FUNDING: Developer Funded.
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DISCUSSION / BACKGROUND
On May 4, 2021 (Item 29, Legistar 21-0695), the Board approved the Final Map and the Agreement to Make Subdivision Improvements for Class 1 Subdivision Serrano Village J7, TM 18-1536 (SIA), between the County and Tri-Pointe Homes, Inc. and Serrano Associates LLC (Owners) and Serrano Associates LLC (Subdivider).
On November 9, 2021 (Item 24, Legistar 21-1589), the Board approved the reduction of Performance Bond 0773107 from $2,638,855.36 to $347,179.77. As this amount already represents ten percent of the total cost of the subdivision improvements, no further reductions are required.
The subdivision improvements for the Serrano Village J7 project have been completed according to the plans and specifications for this development and per the conditions of the SIA. Department of Transportation (Transportation) 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 war...
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