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6.2.A. - Page 2 <br />The developer provided a faithful performance bond and a labor and material bond, <br />each in the amount of $2,190,387.00 that can be released at this time. These bonds will <br />be replaced by a maintenance bond in the amount of $219,038.70 (10%), which will be <br />held for a period of one year. The maintenance bond is a warranty in the event any of <br />the improvements fail within a one-year period. <br />ALTERNATIVES <br />The City Council may choose not to accept the construction improvements and release <br />bonds. However, staff does not recommend this, as it would not be in accordance with <br />the provisions in the signed Agreement. <br />FISCAL IMPACT <br />There is no fiscal impact to the City as a result of this action. <br />ENVIRONMENTAL REVIEW <br />This action does not constitute a Project as defined by the California Environmental <br />Quality Act, because the release of bonds and acceptance of completed improvements <br />will not result in a direct or reasonably foreseeable indirect physical change in the <br />environment. <br />.LAMES O'CONNELL <br />SENIOR CIVIL ENGINEER <br />AARON AKNIN <br />ASSISTANT CITY MANAGER/COMMUNITY DEVELOPMENT DIRECTOR <br />