HomeMy WebLinkAboutCC AG PKT 2008-02-11 #X
AGENDA STAFF REPORT
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DATE:
February 11, 2008
TO: Honorable Mayor and City Council
THRU: David Carmany, City Manager
FROM: Vince Mastrosimone, Director of Public Works
SUBJECT: RELEASE OF FAITHFUL PERFORMANCE, LABOR
AND MATERIALS, AND MONUMENTATION BONDS
FOR WL HOMES, LLC, HELLMAN RANCH, TRACT
NO. 15402
SUMMARY OF REQUEST:
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The City Council is asked to adopt the attached Resolution No, _ to release
the Faithful Performance, Labor and Materials, and Monumentation Bonds
posted by WL Homes, LLC to guarantee the installation of public improvements
for Hellman Ranch, Tract No. 15402, which is located on the westerly side of
Seal Beach Boulevard at Heron Pointe (Forrestal Lane).
BACKGROUND:
A subdivision agreement for Tract 15402 was entered into between the City of
Seal Beach and WL Homes, LLC dated February 11, 2002 which required that
certain improvements be installed. The subdivider posted a Faithful Performance
Bond, Labor and Materials Bond, Monument Bond, and Warranty Bond with the
City to guarantee the installation of required improvements, a one year warrantee
of those improvements and the setting of survey monuments.
On October 23, 2006, Council approved a 50% reduction in Faithful Performance
and Labor and Materials Bonds after the contractor successfully completed 50%
of the work. The remaining public improvements, including Monumentation, have
now been completed and accepted, The developer has requested the release of
these bonds.
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The Director of Public Works recommends that the following bonds posted by WL
Homes, LLC to guarantee the installation of public improvements for Hellman
Ranch, Tract No, 15402, City of Seal Beach, Califomia be released as follows:
1. Faithful Performance Bond #3SM 046 199 00 in the amount of
$1,997,500,00 provided by American Motorists Insurance Company be
released,
Agenda Item X
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2. Labor and Materials Bond #3SM 04619900 in the amount of $1,997,500.00
provided by American Motorists Insurance Company be released.
3. Monument Bond No. 422013 in the full original amount of $27,000.00
provided by Seaboard Surety Company be released,
The Director of Public Works additionally recommends that the following bonds
posted by WL Homes, LLC to provide for repair of defective work for the Hellman
Tract No. 15402, City of Seal Beach, California, shall remain in full effect as
follows:
1, Warranty Bond #3SM 046 199 00 in the full original amount of
$998,750.00 provided by American Motorists Insurance Company to
remain in full effect for a period of one (1) year following the date of this
Council action.
FINANCIAL IMPACT:
No Impact.
RECOMMENDATION:
.
It is recommended that the City Council adopt Resolution No. releasing
Faithful Performance, Labor and Materials, and Monumentation Bonds.
NOTED AND APPROVED:
~
David Carman ,City Manager
Attachments:
A. Resolution No, authorizing Release/Reduction of Securities
B, Inspector's letter accepting work
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RESOLUTION NUMBER
A RESOLI1TION OF THE CITY COUNCIL OF THE CITY OF SEAL
BEACH, CALIFORNIA AI1THORIZING THE RELEASE OF
FAITHFUL PERFORMANCE, LABOR AND MATERIALS. AND
MONUMENTATlON BONDS FOR WL HOMES, LLC. HELLMAN
RANCH. TRACT NO. 15402
WHEREAS, Public improvements and other Improvements for WL Homes, LLC,
Hellman Ranch Tract No, 15402 City of Seal Beach, State of California have
been completed and recommends the release in the Faithful Performance, Labor
and Materials, and Monumentallon bonds posted by WL Homes, LLC that
guarantees the Installation of those public Improvements and other
improvements.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SEAL BEACH
DOES HEREBY RESOLVE:
Section 1, Faithful Performance, Labor and Materials, and Monumentation bonds
posted by WL Homes, LLC to guarantee the Installation of public Improvements
and other Improvements for Heron Polnte, Tract No, 15402, In the City of Seal
Beach, State of California, be released as follows:
1, Faithful Performance Bond #3SM 046 199 00 In the amount of
, $1.997,500,00 provided by American Motorists Insurance Company be
released.
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2, Labor and Materials Bond #3SM 046 199 00 In the amount of
$1,997,500,00 provided by American Motorists Insurance Company be
released,
3, Monument Bond No, 422013 in the full original amount of $27,000,00
provided by Seaboard Surety Company be released.
4, Warranty Bond #3SM 046, 199 00 In the full original amount of
$998,750.00 provided by American Motorists Insurance Company to
remain In full effect for a period of one (1) year following the date of this
Council action,
PASSED, APPROVED and ADOPTED by the City Council of the City of Seal
Beach at a regular meeting held on the 11th day of Februarv ,2008 by
the following vote:
AYES: Councilmember
NOES: Councllmember
ABSENT: Councilmember
ABSTAIN: Councllmember
Mayor
A lTEST:
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City Clerk
Resolution Number XXlCX
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STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF SEAL BEACH
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I, Linda Devine, City Clerk of the City of Seal Beach, Califomla, do hereby certify
that the foregoing resolution is the original copy of Resolution Number
on llIe In the office of the City Clerk, passed, approved, and adopted by the City
Council of the City of Seal Beach at a regular meeting held on the 11 th day
of Februarv . 2008,
City Clerk
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January 29, 2008
John Laing Homes
Kevin Eads, Project Manager
3121 Michelson Drive, Suite 200
Irvine, CA 92612-7672
RE: Heron Points - Tract 15402 - Bond Release
Dear Mr. Eads,
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This letter is in response to your letter dated January 3, 2008 regarding final completion
of improvements to Heron Pointe - Tract 15402 and exoneration of subdivision
improvement bonds. We have inspected the required improvements, including all
public improvements and Monumentation, and have deemed said improvements
satisfactorily completed. The City will be officially acknowledging the acceptance of
improvements and release of necessary bonds at the February 11, 2008 City Council
Meeting.
If you have any questions, please contact Karim Varshochi at 714-412-2722,
~~:~~
Karim Varshochi, P.E.
Resident Engineer
Cc: Michael Ho, City of Seal Baacl1
David Spitz, City of Seal Beach
Tony Coco, City of Seal Beach
File: Tract No, 15402
Attachments: Letter 10 the City of Seal Baacl1 1'8: Securfly Bonde
KV:de
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