REQUEST FOR CITY COUNCIL ACTION
DATE: 01/03/2024
TO: Honorable Mayor and City Council Members
FROM: Planning and Development Department
SUBJECT:
Title
RELEASE OF IMPROVEMENT SECURITY POSTED BY TRI POINTE HOMES INC, A DELAWARE CORPORATION FOR TRACT MAP 36355 LOCATED ON THE NORTH AND SOUTH SIDE OF FOOTHILL PARKWAY, EAST OF STATE STREET (APPLICANT: TRI POINTE HOMES INC)
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EXECUTIVE SUMMARY:
This staff report asks the City Council to accept the public improvements and release the appropriate improvement securities associated with Tract Map 36355. The developer has completed the street improvements associated with the development and is requesting the release of the posted securities.
RECOMMENDED ACTION:
Recommended action
That the City Council:
a. Accept the street improvements associated with Tract Map 36355.
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. PB03010401999).
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. PB03010401999).
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BACKGROUND & HISTORY:
Tract Map 36355 is the subdivision of 21.70 acres, creating one 16.87-acre lot for condominium purposes, and seven lettered lots for roadway, open space and flood control purposes totaling 4.83 acres. The map facilitated the construction of 146 single family residential units, approved by the City Council on January 20, 2016.
Tri Pointe Homes Inc. entered into Public Improvement Agreements with the City and posted bonds for the development of Tract Map 36355 on May 20, 2015.
ANALYSIS:
The improvements secured by these agreements have been completed and inspected to ensure conformity with City specifications.
Twenty-five percent (25%) of the F...
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