AgdaPkt 2016-10-17 Closed and Special Joint SA PFA

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6.2.B. - Page 1 REPORT To the Honorable Mayor and City Council From the City Manager October 17, 2016 SUBJECT Final Acceptance — Main & Marshall, 601 Main Street RECOMMENDATION By Motion, accept the construction improvements for Main & Marshall, 601 Main Street, and authorize the release of the bonds in accordance with the Subdivision Improvement Agreement BACKGROUND On November 18, 2013 the City Council approved the Improvement Agreement for the Main & Marshall Development which consisted of the creation of 196 apartments, and 2,975 square feet of retail space. This development is now known as "The Marston." The Construction Permit, approved and issued by the City, required the developer to make on-site and off-site improvements. Improvements include but are not limited to, grading and drainage, paving, water, fire, sanitary sewer, storm drainage, intersection improvements, and joint trench utility services. The total amount of improvements completed is estimated at $987,167.00. ANALYSIS The developer, LMI Redwood City Holdings, LLC, has completed the construction of improvements in accordance with the Agreement, the plans and specifications, and to the satisfaction of the City's Engineering & Transportation Division. The developer provided a faithful performance bond and a labor and material bond, each in the amount of $987,167.00 that can be released at this time. These bonds will be replaced by a maintenance bond in the amount of $98,716.70 (10%), which will be held for a period of one year. The maintenance bond is 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 not be in accordance with the provisions in the signed Agreement. FISCAL IMPACT There is no fiscal impact to the City as a result of this action.