REQUEST FOR CITY COUNCIL ACTION
DATE: 12/06/2023
TO: Honorable Mayor and City Council Members
FROM: Planning and Development Department
SUBJECT:
Title
REDUCTION IN THE SECURITY POSTED FOR THE BEDFORD BRIDGE ASSOCIATED WITH TRACT MAP 37644, LOCATED SOUTH OF EAGLE GLEN PARKWAY AND WEST OF INTERSTATE 15 (APPLICANT: ARANTINE HILLS HOLDINGS, LP, A DELAWARE LIMITED PARTNERSHIP)
End
EXECUTIVE SUMMARY:
This staff report asks the City Council to reduce the amount of security posted by Arantine Hills Holdings, LP for the improvements completed on the Bedford Bridge in conjunction with Tract Map 37644. The project site is within the second development phase of the Arantine Hills Specific Plan (Bedford Communities). The proposed request will reduce by 50 percent the amount of the original bonds for the Bedford Bridge posted by the applicant based on the improvements that have been completed to date.
RECOMMENDED ACTION:
Recommended action
That the City Council authorize the Mayor to reduce the amount of security posted by Arantine Hills Holdings, LP for the improvements completed on the Bedford Bridge associated with Tract Map 37644.
Body
BACKGROUND & HISTORY:
Tract Map 37644 is a subdivision of approximately 51 acres into 45 lots for condominium purposes and is the second development phase of the Arantine Hills Specific Plan. The second development phase was approved by the City Council on July 22, 2019. The map facilitates the construction of 490 residential units, which includes 88 single-family detached condominiums, 66 detached units in clusters of six, 72 triplex units, 78 paired units in clusters of eight, and 186 townhomes. The project also includes open space areas, trails, and an active park and recreational facility.
ANALYSIS:
Arantine Hills Holdings, LP is requesting to reduce the security for the Bedford Bridge improvements across the Bedford Channel connecting Tract Map 37644 and Tract Map 38277. A substantial amount of the bridge improvements have been completed. The developer’s request would allow the security posted with the City to align with the improvements that have not yet been constructed and would alleviate overall bond liabilities. City staff recommends reducing the Faithful Performance Security by 50 percent, which will ensure sufficient security is maintained to guarantee the completion of the work. The developer originally posted the following security with the City:
|
Security |
Security No. |
Faithful Performance |
Security No. |
Labor & Materials |
|
Bedford Bridge |
PB02497501348 |
$2,760,000 |
PB02497501348 |
$1,380,000 |
A summary of the recommended 50% reduction is as follows:
|
Security |
Security No. |
Faithful Performance |
Security No. |
Labor & Materials |
|
Bedford Bridge |
PB02497501348 |
$1,380,000 |
PB02497501348 |
$1,380,000 |
FINANCIAL IMPACT:
The bond substitution fee of $1,735 for the bond reduction has been paid by the developer.
ENVIRONMENTAL ANALYSIS:
The project was previously evaluated by an Environmental Impact Report that was certified pursuant to CEQA Sections 15162 and 15163 of the State Guidelines for Implementing the California Environmental Quality Act in 2012, and the Supplemental Environmental Impact Report adopted in 2016. Therefore, no further environmental analysis is required to reduce the amount of the project’s posted securities.
PREPARED BY: JESSICA KANG, ASSOCIATE ENGINEER
REVIEWED BY: JOANNE COLETTA, PLANNING AND DEVELOPMENT DIRECTOR
Attachments:
1. Exhibit 1 - Location Map