AGENDA REPORT
REQUEST FOR CITY COUNCIL ACTION
DATE: 9/19/2018
TO: Honorable Mayor and City Council Members
FROM: Public Works Department
SUBJECT:
Title
City Council consideration to accept the public improvements associated with Tract Maps 36451-1 and 36451; and release the appropriate Improvement and Survey Monumentation Securities - Corona North Main Development LP, a California Limited Partnership.
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RECOMMENDED ACTION:
Recommended action
That the City Council accept the public improvements associated with Tract Maps 36451-1 and 36451, and take the following actions:
1. Retain twenty-five percent of the Faithful Performance Security for one (1) year beyond the acceptance of the improvements as security for repair or replacement of any improvements that fail to meet City Standards at the end of the one-year period (DEP14-0071, DEP14-0105, DEP14-0109, DEP14-0141, DEP14-0150, DEP14-0157, DEP15-0009, DEP14-0198, DEP15-0012, DEP15-0015, DEP15-0016, DEP15-0050).
2. Retain the Labor and Material Security for six (6) months beyond the acceptance of the improvements, and automatically release the security unless any claims are filed (DEP14-0072, DEP14-0106, DEP14-0110, DEP14-0142, DEP14-0151, DEP14-0156, DEP15-0010, DEP14-0199, DEP15-0013, DEP15-0014, DEP15-0017, DEP15-0051).
3. Release the Survey Monumentation Securities associated with Tract Maps 36451-1 and 36451 (DEP15-0049, DEP15-0215).
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ANALYSIS:
On May 21, 2014, Corona North Main Development, LP ("Developer"), under its general partnership company Watermarke Properties Inc., entered into an Improvement Agreement with the City to secure sewer improvements for the realignment and upsizing of an existing 18-inch sewer trunk line that crosses the south portion of the property (DEP 14-0071,0072). On August 6, 2014, the Developer entered into an Improvement Agreement with the City to secure on-site public storm drain improvements (DEP 14-0105,0106 and DEP 14-0109, 0110). On September 17...
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