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6.B. - Page 2 of 27 <br />ANALYSIS <br />The developer, RWC ECR Venture, LLC, has completed the construction of improvements in accordance <br />with the Agreement, the plans and specifications, the conditions of approval and tentative map, and to <br />the satisfaction of the City's Engineering & Transportation Division. <br />The developer provided a faithful performance bond and a labor and material bond, each in the amount <br />of $1,205,547 that can be released at this time. These bonds will be replaced by a maintenance bond in <br />the amount of $120,554.70 (10%), which will be held for a period of one year. The maintenance bond is <br />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 />On May 15, 2015, the Planning Commission made the findings that the Initial Study was completed in <br />compliance with the California Environmental Quality Act and determined that there is no substantial <br />evidence that the Project would result in new environmental impacts beyond those previously identified <br />in the Downtown Precise Plan Program Environmental Impact Report. <br />PUBLIC NOTICE <br />Public Notification was achieved by posting the agenda, with the agenda items being listed, at least 72 <br />hours prior to the meeting <br />ALTERNATIVES <br />The City Council may choose not to approve the improvements. <br />ATTACHMENTS <br />Attachment A - Improvement Agreement <br />Page 2 of 3 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />