REQUEST FOR CITY COUNCIL ACTION
DATE: 09/15/2021
TO: Honorable Mayor and City Council Members
FROM: Planning and Development Department
SUBJECT:
Title
Acceptance of the public improvements constructed for Parcel Map 37746, located on the north side of Third Street and east of Grand Boulevard, and release of the securities posted by PSIP EBS Third Street, LLC for the grading, public improvements, and survey monumentation associated with the project.
End
EXECUTIVE SUMMARY:
The grading, public improvements, and survey monumentation associated with Parcel Map (PM) 37746 have been completed by the developer. The property associated with PM 37746 includes a newly constructed industrial building on 4.80 acres. The City's acceptance of the completed improvements will release the securities posted by the developer for the project.
RECOMMENDED ACTION:
Recommended action
That the City Council:
a. Accept the public improvements associated with Parcel Map 37746.
b. Retain twenty-five percent (25%) of the Faithful Performance Security for one year from the date of acceptance of the improvements, as security for the repair or replacement of any improvements that fail to meet City Standards at the end of the one-year period (Faithful Performance Bonds: PB00198300114, PB00198300112, PB00198300113).
c. Retain the Labor and Material Security for six months from the date of acceptance of the improvements, and automatically release the security unless any claims are filed (Labor and Material Bonds: PB00198300114, PB00198300112, PB00198300113).
d. Release the Grading and Erosion Control Securities (Faithful Performance Bond PB00198300111 and Cash Deposit R22948).
e. Release the Survey Monumentation Security associated with Parcel Map 37746 (Faithful Performance Bond PB00198300115).
f. Authorize an appropriation and estimated revenue increase of $5,606 to the Community Services' and Public Works' operating budgets in the Communities Facilities District...
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