Title
Department of Transportation recommending the Board:
1) Accept the subdivision improvements for Serrano Village K1/K2, Unit 4, TM 01-1377R, as complete;
2) Hold Performance Bond 0773108 in the amount of $354,683.92, which is ten percent of the total cost of the subdivision improvements, an amount which 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 0773108 in the amount of $1,773,419.62 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.
Body
DISCUSSION / BACKGROUND
On September 21, 2021 (Item 30, Legistar 21-1461), the Board approved the Agreement to Make Subdivision Improvements for Class 1 Subdivision Serrano Village K1/K2, Unit 4, TM 01-1377R (SIA) between the County and Serrano Associates, LLC (Owner).
On January 25, 2022 (Item 17, Legistar 22-0010), the Board approved the reduction of Performance Bond 0773108 from $1,815,097.10 to $354,683.92. As this amount already represents ten percent of the total cost of the subdivision improvements, no further reductions are allowed or required.
The subdivision improvements for the Serrano Village K1/K2, Unit 4 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 warranty period.
PRIOR BOARD ACTION
Outlined in the Discussion / Background section above.
OTHER DEPARTMENT / AGENCY INVOLVEMENT
N/A
CAO RECOMMENDATION / COMMENTS
Approve as recommended.
FINANCIAL IMPACT
The requested Board action has no associated fiscal impact or change to Net County Cost.
CLERK OF THE BOARD FOLLOW UP ACTIONS
1) The Clerk of the Board will hold Performance Bond 0773108 in the amount of $354,683.92 for a one (1) year warranty period.
21) The Clerk of the Board will hold Laborers & Materialmens Bond 0773108 in the amount of $1,773,419.62 for six (6) months. If no claims have been filed, Transportation will request in writing that the Clerk of the Board release said Bond.
STRATEGIC PLAN COMPONENT
Infrastructure improvements are a vital component in the County's ability to accommodate economic growth and provide safe roads for the residents of El Dorado County and the traveling public.
CONTACT
Rafael Martinez, Director
Department of Transportation