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6.B. - Page 2 of 36 <br />The developer provided a faithful performance bond and a labor and material bond, each in the amount <br />of $1,141,614.00 that can be released at this time. These bonds will be replaced by a maintenance bond <br />in the amount of $114,161.40 (10%), which will be held for a period of one year. The maintenance bond <br />is a warranty in the event any of the improvements fail within a one-year period. <br />FISCAL IMPACT <br />There is no fiscal impact to the City as a result of this action. <br />ENVIRONMENTAL REVIEW <br />This is not a project under California Environmental Quality Act (CEQA). On July 27, 2015, the City <br />Council approved an Initial Study Checklist, concluding that the development would not result in new <br />environmental impacts beyond those previously identified nor increase the severity of environmental <br />impacts previously identified in the DTPP program EIR. <br />PUBLIC NOTICE <br />Public notification was achieved by posting the agenda, with the agenda items being list, at least 72 <br />hours prior to the meeting. <br />ALTERNATIVES <br />The City Council may choose not to accept the construction improvements and release bonds. However, <br />this would not be in accordance with the provisions in the signed Agreement. <br />ATTACHMENTS <br />A. First Amendment to Stormwater Treatment Measures Maintenance Agreement <br />B. Improvement Agreement <br />REPORT PREPARED BY: <br />James O'Connell, Senior Civil Engineer <br />joconnell@redwoodcity.org <br />780-5923 <br />APPROVED BY: <br />Aaron Aknin, Assistant City Manager and Community Development Director <br />Melissa Stevenson Diaz, City Manager <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcitV.org <br />11 <br />