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7.3.A. - Page 1 <br /> REPORT <br /> To the Honorable Mayor and City Council <br /> From the City Manager <br /> February 23, 2015 <br /> SUBJECT <br /> Final Acceptance —2580 El Camino Real <br /> RECOMMENDATION <br /> Accept, by motion, the construction improvements for 2580 El Camino Real and release <br /> bonds in accordance with the Subdivision Agreement. <br /> BACKGROUND <br /> On June 25, 2012, the City Council approved the Agreement for construction of <br /> subdivision improvements for 2580 El Camino Real. The Construction Permit, <br /> approved and issued by the City, required the developer to make on-site and off-site <br /> improvements. Improvements include but are not limited to grading, drainage, paving, <br /> concrete, water, fire, sanitary sewer, storm drainage, and joint trench utility services. A <br /> 141-unit apartment project was constructed under this agreement. The total amount of <br /> improvements completed thus far is estimated at $689,360.00. <br /> ANALYSIS <br /> The developer, Urban Housing Group, has completed the construction of improvements <br /> in accordance with the Agreement, the plans and specifications, and to the satisfaction <br /> of the City's Engineering & Transportation Division. <br /> The developer provided a faithful performance bond and a labor and material bond, <br /> each in the amount of $689,360.00 that can be released at this time. These bonds will <br /> be replaced by a maintenance bond in the amount of $68,936.00 (10%), which will be <br /> held for a period of one year. The maintenance bond is a warranty in the event any of <br /> the improvements fail within a one-year period. <br /> ALTERNATIVES <br /> Council may choose not to accept the construction improvements and release bonds. <br /> However, this would be contrary to the provisions in the existing Agreement. <br /> FISCAL IMPACT <br /> There is no fiscal impact as a result of this action. <br />