REQUEST FOR CITY COUNCIL ACTION
DATE: 11/01/2023
TO: Honorable Mayor and City Council Members
FROM: Planning and Development Department
SUBJECT:
Title
RELEASE OF THE GRADING AND PUBLIC IMPROVEMENT SECURITIES POSTED BY THE NEW HOME COMPANY SOUTHERN CALIFORNIA LLC, A CALIFORNIA LIMITED LIABILITY COMPANY FOR LOTS 15, 36-45, AND Q, OF TRACT MAP 37030 LOCATED SOUTH OF EAGLE GLEN PARKWAY AND WEST OF INTERSTATE 15 (APPLICANT: THE NEW HOME COMPANY SOUTHERN CALIFORNIA LLC)
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EXECUTIVE SUMMARY:
This staff report asks the City Council to consider accepting the public improvements and the release of the public improvement and grading securities for The New Home Company for Lots 15, 36-45, and Q of Tract Map 37030. The New Home Company has completed the required precise grading and public improvement associated with the development and is requesting the release of the posted securities.
RECOMMENDED ACTION:
Recommended action
That the City Council:
a. Accept the public improvements associated with Lots 15, 36-45, and Q of Tract Map 37030.
b. Retain twenty-five percent (25%) of the Faithful Performance Security for one year from the date of acceptance of improvements as security for repair and replacement of any improvements that fail to meet City standards at the end of the one-year period. (Bond#PB02497500923, Bond#PB02497500925, Bond#PB02497500926, Bond#PB02497500927, and Bond#PB02497500928)
c. Retain the Labor and Material Security for six months from the acceptance of improvements date and automatically release the security unless any claims are filed. (Bond#PB02497500923, Bond#PB02497500925, Bond#PB02497500926, Bond#PB02497500927, and Bond#PB02497500928)
d. Release Grading and Erosion Control Securities. (Bond#PB02497500929, R12489, Bond#PB02497500930, and R12492)
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BACKGROUND & HISTORY:
Tract Map 37030 subdivided approximately 54 acres into 45 lots for condominium purposes and is the first phase of development in the Arantine Hills Specific ...
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