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7.2.A. - Page 2 <br /> in accordance with the Improvement Agreement, the plans and specifications, and to <br /> the satisfaction of the City's Engineering & Transportation Division. <br /> The developer provided a cash-in-lieu of performance and payment bond in the amount <br /> of $1 ,068,759.81. The Improvement Agreement requires the developer to furnish a 10% <br /> warranty security upon acceptance of the improvements. The warranty security is a <br /> warranty in the event any of the improvements fail within a one-year period. At this <br /> time, 90% ($961,883.83) of the cash-in-lieu of performance and payment bond can be <br /> released and the remaining 10% ($106,875.98) will be released after the warranty <br /> security period has expired. <br /> ALTERNATIVES <br /> Council may choose not to accept the construction improvements which would prevent <br /> the developer from closing out the project and would be contrary to the provisions of the <br /> Improvement Agreement. <br /> FISCAL IMPACT <br /> This action will not impose any new financial responsibility to the City. <br /> ENVIRONMENTAL REVIEW <br /> As the lead agency, the City of Redwood City has determined the action proposed in <br /> this report does not constitute a Project as defined by the California Environmental <br /> Quality Act. <br /> ,2Z/C.:( - <br /> HARRIS SIDDIQUI <br /> ASSISTANT ENGINEER II <br /> (:(51t <br /> AARON AKNIN <br /> COMMUNITY DEVELOPMENT DIRECTOR <br /> ROBERT B. BELL <br /> CITY MANAGER <br />