AgdaPkt 2016-01-25 Closed and Interview and Joint SA PFA

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REPORT To the Honorable Mayor and City Council From the City Manager January 25, 2016 SUBJECT Final Acceptance – Rossi Lane (318-330 West Oakwood Boulevard) RECOMMENDATION By motion, accept the construction improvements for the Rossi Lane (318-330 West Oakwood Boulevard) project and release bonds in accordance with the Improvement Agreement BACKGROUND West Oakwood, LLC is the Owner of Record of real property located at 318-330 West Oakwood Boulevard, and is the developer responsible for the construction of all improvements on the site. On January 26, 2015, Council approved the subdivision map, an associated Improvement Agreement, a Landscape Maintenance Agreement, and six Stormwater Treatment Measures and Maintenance Agreements (one agreement per newly created lot). A 6-lot subdivision project was constructed in accordance with the improvement agreement. The total amount of improvements completed thus far is estimated at $102,270.00. ANALYSIS The developer, West Oakwood, LLC, has completed the construction of improvements in accordance with the Improvement Agreement, the plans and specifications, and to the satisfaction of the City’s Engineering Division. The developer provided a cashier’s check in the amount of $102,270.00, which served as both a faithful performance bond and a labor and material (“payment”) bond. In accordance with the Improvement Agreement, the payment bond must be held for 6 months after the date of acceptance, and therefore the full amount of the cashier’s check must be held for that period of time. After six months, ninety percent (90%) of this amount can be released, with the remaining $10,227.00 (10%) being held for an additional six months as a maintenance bond. The maintenance bond is a warranty in the event any of the improvements fail within a one-year period. 6.2.A. - Page 1