REQUEST FOR CITY COUNCIL ACTION
DATE: 06/05/2024
TO: Honorable Mayor and City Council Members
FROM: Planning and Development Department
SUBJECT:
Title
RELEASE OF IMPROVEMENT SECURITY POSTED BY VALENCIA ESTATES, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY FOR TRACT MAP 32584 LOCATED ON CASPER CIRCLE, EAST OF GILBERT AVENUE (APPLICANT: VALENCIA ESTATES, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY)
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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 32584. 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 32584.
b. Retain twenty-five percent (25%) of the Faithful Performance Security for one year beyond accepting 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. 731800S)
c. Retain the Labor and Material Security for six months beyond accepting the improvements and automatically release the security unless claims are filed. (Bond No. 731800S)
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BACKGROUND & HISTORY:
Tract Map 32584 subdivided 11.48 acres into nine single-family residential lots and four lettered lots for street and landscape maintenance purposes, totaling 3.77 acres. On September 20, 2006, the developer, Valencia Estates, LLC, entered into an improvement agreement with the City and posted a Faithful Performance Bond of $587,000 and a Labor and Material Bond of $294,000. The improvement agreement and securities guaranteed the construction of missing public improvements needed to support the development of the property.
On January 19, 2011, the City Council approved reducing the Faithful Performance and Labor and Material Securities to $70,000...
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