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6.2.A. - Page 1 <br /> RE PO RT <br /> To the Honorable Mayor and City Council <br /> From the Cit Mana er <br /> May 7, 2012 <br /> SUBJECT <br /> Final Acceptance — Preserve Townhomes Improvements <br /> RECOMMENDATION <br /> Accept, by motion, the construction improvements for the Preserve Townhomes and <br /> release bonds in accordance with the Subdivision Agreement. <br /> BACKGROUND <br /> On July 27, 2009, the City Council approved the Agreement for construction of <br /> subdivision improvements for the Preserve Townhomes. The Construction Permit <br /> approved by the City required the developer to make street and other improvements <br /> including grading, drainage, paving, retaining wall and concrete improvements, water, <br /> fire, sanitary sewer, storm drainage, and joint trench utility services. A 156-unit <br /> Condominium project was constructed under this agreement. Public improvements <br /> constructed are valued at $1,936,812. <br /> ANALYSIS <br /> The developer, KB Home, has completed the construction of improvements in <br /> accordance with the Agreement, the plans and specifications, and to the satisfaction of <br /> the City Engineer. <br /> The developer provided a faithful performance bond and a labor and material bond, <br /> each in the amount of $1,936,812 that can be released at this time. These bonds will <br /> be replaced by a maintenance bond in the amount of $193,681 (10%), which will be <br /> held for a period of one year, as required by City codes. The maintenance bond is a <br /> warranty in the event any of the improvements fail within a one-year period. <br /> ALTERNATIVES <br /> Council may choose not to accept the construction improvements and release bonds <br /> which would be contrary to the provisions in the existing Agreement. <br /> FISCAL IMPACT <br /> There is no fiscal impact as a result of this action. <br />