REQUEST FOR CITY COUNCIL ACTION
DATE: 05/15/2024
TO: Honorable Mayor and City Council Members
FROM: Planning and Development Department
SUBJECT:
Title
RELEASE OF THE IMPROVEMENT SECURITY POSTED BY VISTA MONTEREY 91, LLC, FOR PARCEL MAP 35661 LOCATED BETWEEN PROMENADE AVENUE AND THE 91 FREEWAY, WEST OF THE CORONA HILLS PLAZA SHOPPING CENTER (APPLICANT: VISTA MONTEREY 91, LLC)
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EXECUTIVE SUMMARY:
This staff report asks the City Council to accept the storm drain improvements and release the appropriate improvement security associated with Parcel Map 35661. The developer has completed the public storm drain associated with the construction of a 442-unit apartment community located between Promenade Avenue and the 91 Freeway and is requesting the release of the posted securities.
RECOMMENDED ACTION:
Recommended action
That the City Council:
a. Accept the public storm drain improvement associated with Parcel Map 35661.
b. Retain twenty-five percent (25%) of the Faithful Performance Security for one year beyond the acceptance of the 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 No. 800018765)
c. Retain the Labor and Material Security for six months beyond the acceptance of the improvements and automatically release the security unless claims are filed. (Bond No. 800018765)
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BACKGROUND & HISTORY:
Parcel Map 35661 (PM 35661) subdivided 20.15 acres into two lots for the development of 442 apartment units. The project was approved by the City Council on May 21, 2008.
On May 17, 2017, Vista Monterey 91 LLC entered into public improvement agreements with the City of Corona and posted securities to guarantee the construction of water, reclaimed water, and street improvements that were required prior to the recordation of PM 35661. On November 20, 2018, the developer entered into a grading agreement and posted securities to guarantee the pr...
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