AgdaPkt 2017-07-24 Closed and Joint SA FPA

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6.2.A. - Page 1 REPORT To the Honorable Mayor and City Council From the City Manager July 24, 2017 SUBJECT Final Acceptance — 601 Brewster Avenue Development (Locale) RECOMMENDATION 1. By motion, accept the construction improvements for the 601 Brewster project and release bonds in accordance with the Improvement Agreement; 2. By motion, approve and authorize the City Manager to execute a Hold Harmless Agreement with Fuller Street Partners, LLC BACKGROUND On October 20, 2014, Council approved the parcel map, an associated Improvement Agreement, Landscape Maintenance Agreement, and Stormwater Treatment Measures and Maintenance Agreement for the 601 Brewster development, or "Locale," as the project is commonly known. An alternative address of 488 Winslow was given to the project after approval and used for further tracking purposes. The Locale development consists of 133 for -rent residential units within a five -story building, with two levels of subterranean parking. The construction permit, approved and issued by the City, required the developer to make on-site and off-site improvements. Improvements included grading and drainage, water, sanitary sewer, and joint trench utilities, and frontage improvements such as a sidewalk, street trees, and streetlights. In addition, the development was responsible for reconnecting Fuller Street to Winslow Street, in accordance with the Downtown Precise Plan. The total value of improvements completed is estimated at $575,823.40. ANALYSIS The developer, Fuller Street Partners, 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 faithful performance and labor and material ("payment") bonds in the amount of $575,823.40, which may now be released in accordance with the terms written in the Improvement Agreement. A maintenance (warranty) bond in the amount of $57,582.34 (10% of the faithful performance bond) will be held for a one-year period, in the event any of the improvements fail within that time.