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7.2.A. - Page 1 <br /> REPORT <br /> To the Honorable Mayor and City Council <br /> From the City Manager <br /> April 7, 2014 <br /> SUBJECT <br /> Final Acceptance - 333 Main Street Improvements <br /> RECOMMENDATION <br /> 1. By motion, accept the construction improvements for the 333 Main Street project and <br /> release bonds in accordance with the Improvement Agreement. <br /> 2. By motion, approve and authorize the City Manager to execute a revised Landscape <br /> Maintenance Agreement with 333 Main Street RWC, LLC. <br /> 3. By motion, approve and authorize the City Manager to execute a Stormwater <br /> Treatment Measures Maintenance Agreement with 333 Main Street RWC, LLC. <br /> BACKGROUND <br /> 333 Main Street RWC, LLC is the Owner of Record of real property located at 333 Main <br /> Street, and is the developer responsible for the construction of all improvements on the <br /> site. On March 19, 2012, Council approved the subdivision map, an associated <br /> Improvement Agreement, a Landscape Maintenance Agreement, and the Declaration of <br /> Covenants and Restrictions. While the Landscape Maintenance Agreement was <br /> approved by Council at that time, it was never executed or recorded. Improvements <br /> including curbs, gutters, walkways and driveways, sanitary sewer, storm drainage and <br /> water systems, site lighting and landscaping, etc., have been constructed in accordance <br /> with the improvement agreement. The total amount of improvements completed thus far <br /> is estimated at $1 ,368,000. <br /> ANALYSIS <br /> The developer, 333 Main Street RWC, LLC, has completed the construction of <br /> improvements in accordance with the Improvement Agreement, the plans and <br /> specifications, and to the satisfaction of the City's Engineering Division. <br /> The developer provided a faithful performance bond and a labor and material bond, <br /> each in the amount of $1,368,000 that can be released at this time. These bonds will be <br /> replaced by a maintenance bond in the amount of $136,800 (10%), which will be held <br /> for a period of one year. The maintenance bond is a warranty in the event any of the <br /> improvements fail within a one-year period. <br />