Title
Transportation Department recommending the following pertaining to Subdivision Improvement Agreement No. 05-871 concerning improvements as described in the Hollow Oaks Units 3 & 4 TM94-1290 Exhibits related to Hollow Oak Unit 4:
1) Accept the constructed improvements as substantially complete;
2) Reduce Performance Bond No. 0392719 to $123,218.21, which is ten percent of the total cost of improvements to guarantee against defective work, labor done or defective materials furnished and release after one year if no claims are made; and
3) Hold Laborers and Materialsmen Bond No. 0392719 in the amount of $616,091.04 to guarantee payment to persons furnishing labor, materials or equipment and release in six months if no claims are filed.
FUNDING: Developer funds - Pulte Home Corporation
Body
Fiscal Impact/Change to Net County Cost: There is no fiscal impact nor change to Net County Cost associated with this item.
Background:
On April 4, 2006, the Board of Supervisors approved Subdivision Improvement Agreement (SIA) Agmt # 05-871 between the County and Pulte Home Corporation. Under the conditions of approval for Hollow Oak Unit 4, Pulte Home Corporation was required to enter into the Agreement and provide performance and labor and materialsmen bonds to ensure completion of the improvements and payment to all providers of labor and materials.
Reason for Recommendation:
The improvements required under the SIA have been inspected and found to be substantially complete according to the improvement plans, specifications, and cost estimates entitled Hollow Oak Units 3 & 4 TM94-1290 and the Exhibits to the Agreement regarding Unit 4.
The total cost of the improvements approved by the Director of Transportation was $1,232,182.07. The Department of Transportation (Department) recommends that the Board reduce Performance Bond No. 0392719 in the amount of $1,232,182.07 by $1,108,963.86 to $123,218.21, which is ten percent of the total cost of the improvements. This a...
Click here for full text