AgdaPkt 2017-10-23 Joint SA PFA - Laserfiche WebLink

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6.2.A. - Page 1 REPORT To the Honorable Mayor and City Council From the City Manager October 23, 2017 SUBJECT Final Acceptance - 525 Middlefield Road RECOMMENDATION By Motion, accept the construction improvements for the 525 Middlefield Road project, and authorize the release of bonds in accordance with the Improvement Agreement BACKGROUND On May 12, 2014, the City Council approved the final map and associated agreements for the development at 525 Middlefield Road, commonly known as "Indigo." The mixed- use project consists of 463 residential units within three ten -story towers, and several two to three-story podium buildings above a three level parking structure, including commercial space and a leasing office. Prior uses at the site had included seven one - and two-story commercial buildings with surface parking. Public improvements associated with the construction of the project included grading and drainage, water, sanitary sewer, and joint trench utilities, as well as frontage improvements such as sidewalk, street trees, streetlights, and roadway resurfacing. The total value of public improvements completed is estimated at $714,000. ANALYSIS The developer, Downtown RWC RES, 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 & Transportation Division. The developer provided faithful performance and labor and material ("payment") bonds in the amount of $714,000, which may now be released in accordance with the terms of the Improvement Agreement. A maintenance (warranty) bond in the amount of $71,400 (10% of the faithful performance bond) will be held for a one-year period, in the event that any of the improvements fail within that time.