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REPORT
<br /> To the Honorable Mayor and City Council
<br /> From the City Manager
<br />
<br />May 6, 2002
<br />
<br />Subject
<br />Final Acceptance - Pacific Shores Development Lots 1-10
<br />Engineering File No. 805-04
<br />
<br />Recommendation
<br />Accept the Pacific Shores Development Lots 1-10 improvements, and release the
<br />Bonds, following the submission of a Maintenance Bond (10% of the Payment and
<br />Performance Bond) for each of the lots as shown on the table below, in accordance
<br />with the various approved Subdivision Agreements.
<br />
<br /> Amount of
<br />ProJect No. Date Address Resolution Bond
<br />Lot 1, Building 1 03/13/01 2100 Seaport Blvd. 14189 $ 1,626,000
<br />Lot 2, Building 2 03/13/01 2000 Seaport Blvd. 14190 $ 1,616,000
<br />Lot 3, Building 3 03/13/01 1900 Seaport Blvd. 14191 $ 1,699,000
<br />Lot 4, Building 4 03/13/01 1800 Seaport Blvd. 14192 $ 1,414,000
<br />Lot 5, Building 5 03/13/01 1700 Seaport Blvd. 14193 $ 1,439,000
<br />Lot 6, Building 6 10/20/00 1600 Seaport Blvd. 14055 $ 2,852,000
<br />Lot 7, Building 7 03/13/01 1200 Seaport Blvd. 14161 $ 1,178,000
<br />Lot 8, Building 8 03/13/01 1300 Seaport Blvd. 14162 $ 1,943,000
<br />Lot 9, Building 9 10/20/00 1400 Seaport Blvd. 14056 $ 3,059,000
<br />Lot 10, Building 10 03/13/01 1500 Seaport Blvd. 14201 $ 1,602,000
<br />Grand Total $18,428,000
<br />Background
<br />Based on the above dates and resolution numbers, the City Council approved the
<br />Pacific Shores Development Lots 1,2, 3, 4, 5, 6, 7, 8, 9, and 10, and the Development
<br />Agreement for the improvements of the Subdivision. The Developer, Pacific Shores
<br />Development, LLC, a Delaware Limited Liability Company, has completed the
<br />construction of the improvements in accordance with the Subdivision Agreements, the
<br />Plans and Specifications, and to the satisfaction of Engineering and Construction
<br />Services. The developer provided a Faithful Performance Bond and a Labor &
<br />Materials Bond for Lots 1-10, which can now be released. _
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