AgdaPkt 2018-06-11 Closed and Joint SA PFA

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6.2.A. - Page 1 REPORT To the Honorable Mayor and City Council From the City Manager June 11, 2018 SUBJECT Final Acceptance — 550 Allerton Street RECOMMENDATION • By Motion, accept the construction improvements for 550 Allerton Street, and authorize the release of the bonds in accordance with the Subdivision Improvement Agreement • By Motion, approve and authorize the City Manager to execute the Assignment and Assumption and First Amendment to Landscape Maintenance Agreement with Premia South County, LLC and Premia 550 Owner, LLC BACKGROUND On November 9, 2015 the City Council approved the Improvement Agreement for the 550 Allerton Street Development, a 6 -story, 69,846 square feet office building. 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 $497,238.00. During the construction of the development some of the improvements were modified to deal with a stormwater issue. The project requested modifications to the drainage inlets in the street. City staff agreed to this change with the condition that the project owner be responsible for ongoing maintenance obligations. The attached landscape maintenance agreement amendment reflects the physical changes and maintenance obligations. ANALYSIS The developer, Premia 550 Owner, LLC, has completed the construction of improvements in accordance with the Agreement, the plans and specifications, the conditions of approval and tentative map, 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 $497,238.00 that can be released at this time. These bonds will