Title
Department of Transportation recommending the Board:
1) Accept the subdivision improvements for Bass Lake North, TM 14-1522 / PD 14-0010, as complete;
2) Hold Performance Bond SU1184163 in the amount of $431,609.50, 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 SU1184163 in the amount of $2,158,047.50 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. (District 1)
FUNDING: Developer Funded.
Body
DISCUSSION / BACKGROUND
On October 18, 2022 (Legistar File 22-1801), the Board approved the Final Map and the Agreement to Make Subdivision Improvements for Bass Lake North, TM 14-1522 / PD 14-0010 (SIA) between the County and Toll West Coast, LLC (Owner).
On October 24, 2023 (Legistar File 23-1903), the Board approved the reduction of Performance Bond SU1184163 from $2,786,761.30 to $431,609.50. The amount of $2,786,761.30 does not represent the total cost of the improvements for the project as some of the work was completed under a previous Subdivision Grading Agreement, and developers are required to bond only for improvements that have not yet been completed. The total amount for all improvements is $4,316,095.00, which is reflected in Exhibit B to the SIA, “Certificate of Partial Completion of Subdivision Improvements.” The Performance Bond is held at 10% of the total cost of improvements for the warranty period, thus the reduced amount of $431,609.50. 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 Bass Lake North proje...
Click here for full text