AGENDA REPORT
REQUEST FOR CITY COUNCIL ACTION
DATE: 08/05/2020
TO: Honorable Mayor and City Council Members
FROM: Public Works Department
SUBJECT:
Title
City Council consideration of Reducing Public Improvements Securities associated with Tract Maps (TMs) 36541-1, 36541-2, and 36541 (Final) - Ryland Homes of California, Inc., a Delaware Corporation.
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RECOMMENDED ACTION:
Recommended action
That the City Council:
a. Approve the reduction of the Public Improvements - Off-Site Improvements, T36541-1 Faithful Performance Security to $2,831,300.00 (50 percent), and the associated Labor and Material Security to $1,415,650.00 (024069386 FP and LM).
b. Approve the reduction of the Public Improvements - Off-Site Improvements, T36541-1 (CFD) Faithful Performance Security to $1,058,400.00 (50 percent), and the associated Labor and Material Security to $529,200.00 (024069387 FP and LM).
c. Approve the reduction of the Public Improvements - On-Site Improvements, T36541-2 Faithful Performance Security to $1,514,400.00 (50 percent), and the associated Labor and Material Security to $757,200.00 (0240675 FP and LM).
d. Approve the reduction of the Public Improvements - On-Site Improvements, T36541 Faithful Performance Security to $2,188,000.00 (50 percent), and the associated Labor and Material Security to $1,094,000.00 (0240674 FP and LM).
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ANALYSIS:
On April 18, 2018, the City Council approved TMs 36541-1, 36541-2, and 36541 (Final) for the subdivision of approximately 311 acres into 237 single-family residential lots in the Sierra Bella Specific Plan. The project is located south of Green River Road, beyond Calle Del Oro, and west of Paseo Grande, as shown on Exhibit "A."
On October 4, 2016, Ryland Homes of California, Inc., a subsidiary to CalAtlantic Group, and original owner of the tract, entered into Improvement Agreements with the City in accordance with the California Subdivision Map Act and the Corona Municipal Code to secure the off...
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