AgdaPkt 2008-03-24 Clsd and Reg - Laserfiche WebLink

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REPORT 6.2A Page 1 March 24, 2008 SUBJECT Final Acceptance - Oakwood Homes Subd~vlsion RECOMMENDATION Accept, by motion, the construction improvements for the Oakwood Homes Subdivision located at 63 Oakwood Drive and release the bonds according to City procedures after the receipt of a one-year warranty bond in the amount of $47,500.00 in accordance with the Subdivision Agreement, Paragraph 9. BACKGROUND On April 23, 2007, Council approved the Agreement for.construction improvements for the Oakwood Homes Subdivision project consisting of six single family residences. The City approved permits for the Oakwood Homes Subdivision which required the develop- per to make street improvement (street lighting, landscaping, and related irrigation) and storm drainage- improvements. The construction of required improvements has been completed in accordance with the Agreement, the plans, the specifications, and to the satisfacUon of Engineering & Construction Services staff. The developer, Oakwood Drive- RWC, LlC, provided two bonds, a faithful performance bond and a labor and materials bond, each in the amount of $475,000.00. Those bonds may be released according to City procedures after the City's receipt of a warranty bond in the amount of $47,500.00. AI.. TE.RNA TIVES Council may choose not to accept the construction improvements which would be contrary to the provisions in the existing Agreement. FISCAL IMPACT There is no fiscal impact as a result of this action. A warranty bond w' year to cover any failure of installed improvements resultin fro materials. Chu Chang. P.E., Acting ctor Community Development Services e held for one orkmanship or Peter Ingram Interim City Mana r ATTACHMENTS None RELATED DocUMENTS IN CITY Ct.ERK~ OFFTCE None