AgdaPkt 2017-01-09 Closed and Joint

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6.2.A. - Page 1 REPORT To the Honorable Mayor and City Council From the City Manager January 9, 2017 SUBJECT Final Acceptance — Classics at Redwood City, 755 Brewster Avenue RECOMMENDATION By Motion, accept the construction improvements for Classics at Redwood City, 755 Brewster Ave, and authorize the release of the bonds in accordance with the Subdivision Improvement Agreement. BACKGROUND On June 23, 2014 the City Council approved the Improvement Agreement for the "The Classics at Redwood City Development" development. This development includes 18 detached single-family condominium units and associated improvements. 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, sidewalk improvements, and joint trench utility services. The total amount of improvements completed is estimated at $343,577.00. ANALYSIS The developer, Classic RWC 1856, L.P., has completed the construction of improvements in accordance with the Agreement, the plans and specifications, and to the satisfaction of the City's Community Development Department, Engineering & Transportation Division. The developer provided a faithful performance bond and a labor and material bond, each in the amount of $343,577.00 that can be released at this time. These bonds will be replaced by a maintenance bond in the amount of $34,357.70 (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.