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<br />6.2A <br />Page 1 <br /> <br />REPORT <br /> <br />To the Honorable Mayor and City Council <br />From the City Manager <br /> <br />June 28, 2010 <br /> <br />SUBJECT <br />Partial Final Acceptance - Improvements of the Preserve at Redwood Shores <br /> <br />RECOMMENDATION <br />Accept, by motion, portion of the construction improvements for the Preserve at <br />Redwood Shores and partially release bonds in accordance with the Subdivision <br />Agreement. <br /> <br />BACKGROUND <br />On June 19, 2008, Council approved the Agreement for construction improvements for <br />subdivision improvements for the Preserve at Redwood Shores. <br /> <br />The work associated with the Preserve project was divided into 4 stages: <br /> <br />. Shearwater Parkway Improvements including widening and subsurface utilities <br />. A new 450 Student School constructed by the Belmont Redwood Shores School <br />District <br />. Wetland restoration including levees constructed to federal and state standards <br />. A 156 unit subdivision including a neighborhood park <br /> <br />The city-approved permits required the developer to make street and other related <br />improvements including grading, drainage, paving, water, sewer, landscaping and <br />landscape irrigation. These improvements were to support the new school and the <br />resubdivision of parcels for townhome purposes. The developer, Keech Properties <br />LLC, has completed the construction of improvements within Shearwater Parkway in <br />accordance with the Agreement, the plans and specifications, and to the satisfaction of <br />the City's Building Infrastructure and Transportation Department. The total amount of <br />improvements completed thus far is estimated at $4,881,000.00. <br /> <br />The townhome project and park is currently underway by KB Homes and Keech <br />Properties LLC, and the school is near completion by the Belmont Redwood Shores <br />School District and will be open for the next school year starting in August 2010. <br /> <br />The developer provided a faithful performance bond and a labor and material bond, <br />each in the amount of $6,012,000.00 which can be released following receipt of a <br />maintenance bond of $488,100.00 for the items completed and substitute bonds for the <br />remaining park construction in the amount of $1,131,000.00. <br /> <br />ALTERNATIVES <br />Council may choose not to accept the partial construction improvements and partially <br />release bonds. <br /> <br />FISCAL IMPACT <br />There is no fiscal impact as a result of this action. <br />