AgdaPkt 2016-06-13 Interview and Joint SA PFA

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6.2.A. - Page 1 REPORT To the Honorable Mayor and City Council From the City Manager June 13, 2016 SUBJECT Final Acceptance - 145 Monroe Street (Elan Redwood City) RECOMMENDATION By motion, accept the construction improvements for the 145 Monroe Street (Elan Redwood City) project and release bonds in accordance with the Improvement Agreement BACKGROUND On April 8, 2013, the City Council approved the Improvement Agreement for construction of improvements at 145 Monroe Street (Elan Redwood City), a 304-unit residential development. The Construction Permit, approved and issued by the City, required the developer to make on-site and off-site improvements. Those improvements include, but are not limited to, grading and drainage, sidewalk, a new water main, a new publicly accessible and privately maintained Lane, pedestrian lighting, and landscaping, as well as sewer, storm, and joint trench utility services. ANALYSIS The developer, Elan Redwood City, LLC, has completed the construction of improvements in accordance with the Improvement Agreement, the project plans and specifications, and to the satisfaction of the City's Engineering and Transportation Division. The developer provided a faithful performance bond and a labor and material bond, each in the amount of$1,246,644.00 that can be released in accordance with the terms of the Improvement Agreement. A maintenance bond in the amount of $124,664.40 (10%) will be held for a period of one year to guarantee a warranty in the event any of the improvements fail within a one-year period. ALTERNATIVES Council may choose not to accept the construction improvements and release bonds, which would be contrary to the provisions of the Improvement Agreement. FISCAL IMPACT There is no fiscal impact as a result of this action.