AGENDA REPORT
REQUEST FOR CITY COUNCIL ACTION
DATE: 09/02/2020
TO: Honorable Mayor and City Council Members
FROM: Public Works Department
SUBJECT:
Title
City Council consideration of Reducing Public Improvements Securities associated with Tract Map (TM) 31373 - Corona-Upper Drive 25, LLC, a Delaware Limited Liability Company.
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RECOMMENDED ACTION:
Recommended action
That the City Council:
a. Approve the reduction of the Non-Master Planned Public Improvement Faithful Performance Security to $1,559,400.00 (30-percent reduction) and the associated Labor and Material Security to $779,700.00 (0733866 FP and LM).
b. Approve the reduction of the Master Planned Landscaping Public Improvement Faithful Performance Security to $169,800.00 (50-percent reduction) and the associated Labor and Material Security to $84,900.00 (0733868 FP and LM).
c. Approve the reduction of the Off-Site Public Improvement Faithful Performance Security to $174,900.00 (50-percent reduction) and the associated Labor and Material Security to $87,500.00 (1155938 FP and LM).
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ANALYSIS:
On July 18, 2018, the City Council approved the final TM 31373 for the subdivision of 18.10 acres into 26 single-family residential lots in the A-14.4 (Single Family Residential, 14,400 square foot minimum lot size) Zone and Estate Residential designation of the City's General Plan and South Corona Community Facilities Plan. The project is located on the east side of Lester Avenue, south of Upper Drive, as shown on Exhibit "A."
On July 18, 2018, the City entered into Improvement Agreements with Corona-Upper Drive 25, LLC, the developer of the property, to secure the public street, drainage, utility, and landscaping improvements required for the project. Further, on June 19, 2019, the City entered into an Improvement Agreement with the developer to secure the construction of off-site improvements consisting of asphalt, curb, gutter, and sidewalk along Lester Avenue and Upper Drive conti...
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