HomeMy WebLinkAboutAgenda Statement 1984/10/09 Item 10 COUNCIL AGENDA STATEMENT
Item 10
Meeting Date 10/9/84
ITEM TITLE: Resolution //7fC Approving revised subdivision improvement
agreement for Hidden Vista Village, accepting substitute bonds
for faithful performance and material and labor and releasing
faithful performance and material and labor bonds
SUBMITTED BY: Director of Public Works/
City Engineer (4/5ths Vote: Yes No x )
REVIEWED BY: City Manager,
On March 19, 1981, the City Council approved a subdivision improvement
agreement (along with a Final Subdivision Map and other items) for the Hidden
Vista Village Subdivision. As part of the subdivision improvement agreement
consideration the developer posted faithful performance bonds in the amount of
$3,102,000 and material and labor bonds in the amount of $1,760,000 with the
City.
As a result of the progress made in constructing improvements the value of
work guaranteed by the bonds now far exceeds the estimated cost of the work
remaining to be done. The boundaries of work phases also no longer agrees
with the locations of work remaining to be done.
RECOMMENDATION: That Council adopt a resolution approving the revised
agreement which specifies new bond amounts and establishes new limits for the
remaining phases of work.
BOARDS/COMMISSIONS RECOMMENDATION: Not applicable.
DISCUSSION:
The improvements to be constructed with Hidden Vista Village were originally
proposed to be divided into eight phases. These phases were established to
lie within areas proposed for development.
The construction has advanced more quickly than was expected and the work has
not been confined to the specified phase boundaries.
It is, therefore, believed appropriate that the bond amounts be changed to the
following and that the remaining phases of work "A" through "D" be redefined
as shown on attached Exhibit "A."
Phase Bond Amount
A Beacon Place and Dawn Court $144,414
B Ridgeback Road to easterly subd. boundary 139,965
C Condo site 4 66,225
D Condo site 2 and 3 338,030
Page 2, Item 10
Meeting Date 10;9184
Accepting the new bonds above, will allow the original bonds amounting to
$3,102,000 and $1,760,000 to be released. It should be noted that the new
amounts include both faithful performance and material and labor whereas these
amounts are separate in the original bonds.
In addition to these sureties, the developer has posted a $21,000 cash bond,
in the form of a passbook account, with the City. This latter bond is a
guarantee that all improvements which are damaged after their accpetance, as a
result of building construction will be properly repaired.
FISCAL IMPACT: None.
WPC 1249E