AgdaPkt 2012-02-27 - Laserfiche WebLink

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6.2.A. - Page 1 REPORT To the Honorable Mayor and City Council From the City Manager February 27, 2012 SUBJECT Final Acceptance — Improvements of 579 California Way RECOMMENDATION Accept, by motion, the construction improvements for 579 California Way and release bonds in accordance with the Subdivision Agreement. BACKGROUND On July 9, 2008, the City Council approved the Agreement for construction of subdivision improvements at 579 California Way. The Construction Permit approved by the City required the developer to make street and other improvements including grading, drainage, paving, retaining wall and concrete improvements, water, fire, sanitary sewer, storm drainage, and joint trench utility services. A large single - family residence was constructed under this agreement. The total amount of improvements completed thus far is estimated at $743,190. ANALYSIS The developer, Mr. George Bechwati, has completed the construction of improvements in accordance with the Agreement, the plans and specifications, and to the satisfaction of the City's Engineering & Transportation Division. The developer provided a faithful performance bond and a labor and material bond, each in the amount of $743,190 that can be released at this time. These bonds will be replaced by a maintenance bond in the amount of $74,319.00 (10 %), which will be held for a period of one year. The maintenance bond is a warranty in the event any of the improvements fail within a one -year period. ALTERNATIVES Council may choose not to accept the construction improvements and release bonds which would be contrary to the provisions in the existing Agreement. FISCAL IMPACT There is no fiscal impact as a result of this action.