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7.2.A. - Page 1 <br /> REPORT <br /> To the Honorable Mayor and City Council <br /> From the City Manager <br /> March 9, 2015 <br /> SUBJECT <br /> Final Acceptance — 201 Marshall Street <br /> RECOMMENDATION <br /> By motion, accept the construction improvements for 201 Marshall Street and release <br /> bonds in accordance with the Improvement Agreement. <br /> BACKGROUND <br /> On June 25, 2012, the City Council approved the Agreement for construction of <br /> subdivision improvements for 201 Marshall Street (116 residential units). The <br /> Construction Permit, approved and issued by the City, required the developer to make <br /> on-site and off-site improvements. Improvements include but are not limited to, grading <br /> and drainage, paving, concrete, water, fire, sanitary sewer, storm drainage, and joint <br /> trench utility services. The 116-unit apartment project was constructed under this <br /> agreement. The total amount of improvements completed is estimated at $366,650.00. <br /> ANALYSIS <br /> The developer, Raintree Partners, has completed the construction of improvements in <br /> accordance with the Agreement, the plans and specifications, and to the satisfaction of <br /> 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 $366,650.00 that can be released at this time. These bonds will <br /> be replaced by a maintenance bond in the amount of $36,665.00 (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 /> which 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 />