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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 /> April 27, 2015 <br /> SUBJECT <br /> Final Acceptance — 640 Veterans Boulevard <br /> RECOMMENDATION <br /> By motion, accept the construction improvements for 640 Veterans Boulevard and <br /> release bonds in accordance with the Subdivision Improvement Agreement. <br /> BACKGROUND <br /> On February 11, 2013, the City Council approved the Agreement for construction of <br /> subdivision improvements for 640 Veterans Boulevard, a 264-unit residential <br /> development. The Construction Permit, approved and issued by the City, required the <br /> developer to make on-site and off-site improvements. Improvements include but are not <br /> limited to, grading and drainage, paving, concrete, water, fire, sanitary sewer, storm <br /> drainage, and joint trench utility services. The total amount of improvements completed <br /> is estimated at $2,252,250. <br /> ANALYSIS <br /> The developer, BEX Portfolio, successor by merger to BRE Properties, Inc., has <br /> completed the construction of improvements in accordance with the Agreement, the <br /> plans and specifications, and to the satisfaction of the City's Engineering & <br /> Transportation Division. <br /> The developer provided a faithful performance bond and a labor and material bond, <br /> each in the amount of $2,252,250 that can be released at this time. These bonds will <br /> be replaced by a maintenance bond in the amount of $225,225 (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 not be in accordance with the provisions in the existing Agreement. <br /> FISCAL IMPACT <br /> There is no fiscal impact as a result of this action. <br />