REQUEST FOR CITY COUNCIL ACTION
DATE: 07/21/2021
TO: Honorable Mayor and City Council Members
FROM: Public Works Department
SUBJECT:
Title
Public Improvement and Survey Monumentation Security Substitution associated with Parcel Map 37763.
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EXECUTIVE SUMMARY:
West Corona Freeway Center Owner, LLC, is requesting to replace the existing Public Improvement and Survey Monumentation security posted as required for processing Parcel Map 37763.
RECOMMENDED ACTION:
Recommended action
That the City Council release the existing Public Improvement and Survey Monumentation security (R25396) and accept the replacement security (Bond Nos. 4446736 and 4446735).
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BACKGROUND & HISTORY:
On July 1, 2020, the City Council approved Parcel Map (PM) 37763 to subdivide an existing 4.47-acre commercial parcel located at 2410 Wardlow Road into two parcels for commercial condominium purposes. The map is intended to facilitate the owner of the existing 68,340 square-foot commercial building to sell individual tenant spaces to separate owners. The project site is located on the south side of Wardlow Road, east of Auto Center Drive, as shown on Exhibit "1."
On March 17, 2021, the City Council authorized the execution of Public Improvement and Survey Monumentation Agreements to secure the construction of the public street and water improvements and guarantee the placement of all survey monuments as required by the project.
Securities were posted as detailed below:
ANALYSIS:
The owner, West Corona Freeway Center Owner, LLC is now requesting to post replacement bonds to secure the public improvements and survey monumentation for the project. In accordance with City ordinance and the Subdivision Map Act, bonds and cash deposit are both acceptable forms to guarantee these improvements and provide equivalent surety to the City. Upon replacement of the securities, it is appropriate to release the existing cash securities posted.
Security is requested to be subs...
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