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�-2A- I <br /> REPORT <br /> To the Honorable Mayor and City Council <br /> From the Ci Mana er <br /> October 18, 2004 <br /> Subject <br /> Final Acceptance — Gossamer Isle Subdivision <br /> Recommendation <br /> Accept by Minute Order the Gossamer Isle Subdivision, and release the bonds <br /> following the submission of a Maintenance Bond in the amount of $178,000 (10% of the <br /> original bond), in accordance with the Improvement Agreement. <br /> Background <br /> On November 18, 1997, the Council approved the Agreement for the improvements <br /> related to the Gossamer Isle Subdivision. <br /> The Developer, Ryland Homes, has completed the construction of the improvements <br /> for this project in accordance with the Improvement Agreement, the Plans and <br /> Specifications, and to the satisfaction of Engineering and Construction Services. <br /> The final acceptance of this subdivision was delayed several months due to litigation <br /> that recently has been resolved. <br /> The developer provided a Faithful Performance Bond and a Labor & Materials Bond for <br /> this project in the amount of $1,700,000, which can now be released. <br /> Alternative <br /> The alternative is to not accept the improvements, which would be contrary to prior <br /> Council action. <br /> Fiscal Impacts <br /> The Maintenance Bonds for the Gossamer Isle Subdivision Project will be held for one <br /> year, after which maintenance will be the responsibility of the City. <br /> ,,,1 �. - � - o' - <br /> , Jon c I Pa rson Ed Everett <br /> City Eng' e ommunity Development Services Director City Manager <br /> JKL:ss . <br /> s�library/reportsrjonllaccept Gossamer Isle Subdivision <br /> . . . .�. . � . , � .� , .. ..... . .,.. . . . ..,.. . <br /> .r_. <br />