REQUEST FOR CITY COUNCIL ACTION
DATE: 04/03/2024
TO: Honorable Mayor and City Council Members
FROM: Planning and Development Department
SUBJECT:
Title
RELEASE OF THE PUBLIC IMPROVEMENT SECURITIES POSTED BY CORONA INDUSTRIAL JV LLC, A DELAWARE LIMITED LIABILITY COMPANY ASSOCIATED WITH 150 RADIO ROAD AND 1331 E. SIXTH STREET (APPLICANT: CORONA INDUSTRIAL JV LLC, A DELAWARE LIMITED LIABILITY COMPANY)
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EXECUTIVE SUMMARY:
This staff report asks the City Council to accept the public improvements and release the appropriate improvement securities associated with 150 Radio Road and 1331 E. Sixth Street. The developer has completed the street improvements associated with the development and is requesting the release of the posted securities.
RECOMMENDED ACTION:
Recommended action
That the City Council:
a. Accept the street improvements associated with 150 Radio Road and 1331 E. Sixth Street.
b. Retain twenty-five percent (25%) of the Faithful Performance Security for one year beyond the acceptance of the improvements as security for repair and replacement of any improvements that fail to meet City standards at the end of the one-year period (Bond No. 268006549).
c. Retain the Labor and Material Security for six months beyond the acceptance of the improvements and automatically release the security, unless claims are filed. (Bond No. 2568006549).
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BACKGROUND & HISTORY:
The project is comprised of two parcels totaling 11.58 acres, located at the northwest corner of East Sixth Street and Radio Road. The project consists of two industrial buildings, which include 54,261 square feet and 167,987 square feet. On June 17, 2015, the City Council approved agreements for rough grading operations and waterline improvements. Subsequently, on December 16, 2015, the City Council approved agreements for the precise grading and public improvements, which included street, sewer line, storm drain, and additional water line improvements.
On March 2, 2016...
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