HomeMy WebLinkAboutCC AG PKT 2008-02-11 #W
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: REDUCTION OF FAITHFUL PERFORMANCE BOND
FOR PACIFIC GATEWAY BUSINESS CENTER, TRACT
NO, 16375
SUMMARY OF REQUEST:
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The City Council is asked to adopt the attached Resolution No. _ to reduce
the faithful performance bond posted by the Boeing Reality Corporation to
guarantee public improvements for the Pacific Gateway Business Center, Tract
No, 16375, which is located on the westerly side of Seal Beach Boulevard south
of Westminster Avenue,
BACKGROUND:
A subdivision agreement for Tract 16375 was entered into between the City of
Seal Beach and Boeing Reality Corporation dated August 19, 2005 which
required that certain improvements be installed, The subdivider posted a Faithful
Performance Bond with the City to guarantee the installation of required
improvements, All public improvements have been inspected and completed in a
satisfactory manner. The developer has now requested the release of this bond,
The Director of Public Works recommends that the fOllowing bond posted by
Boeing Reality Corporation to guarantee the installation of public improvements
for the Pacific Gateway Business Center, Tract No, 16375, City of Seal Beach,
California be reduced as follows:
1, Faithful Performance Bond No. 6380019 in the amount of $150,000,00
provided by Safeco Insurance Company of America for Storm Drain
Drainage Improvements be reduced by 90% to an amount of $15,000,00 to
be retained as a warranty bond to provide for repair of defective work for the
period of one (1) year from the date of this council action.
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FINANCIAL IMPACT:
No Impact,
Agenda Item ~
RECOMMENDATION:
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It is recommended that the City Council adopt Resolution No.
the faithful performance bond.
to reduce
NOTED AND APPROVED:
t:H'-
David carmanylity Manager
Vince Mastrosi one, Director of Public Works
Attachments:
A. Resolution No, authorizing Release/Reduction of Securities
B, Inspector's letter accepting work
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RESOLUTION NUMBER
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A RESOLUTION OF THE SEAL BEACH CITY COUNCIL
AUTHORIZING REDUCING THE AMOUNT OF THE FAITHFUL
PERFORMANCE BOND FOR STORM DRAIN IMPROVEMENTS
POSTED BY BOEING REALTY CORPORATION FOR THE
PACIFIC GATEWAY BUSINESS CENTER, TRACT MAP NO.
18375
WHEREAS. Boeing Realty Corporation ("Boeing") posted Faithful Performance
Bond No, 6380019 in the amount of $150,000,00 to guarantee the Installation of
certain storm drain Improvements for the Pacific Gateway Business Center, Tract
Map No, 16375;
WHEREAS, Boeing has completed those storm drain Improvements; and
WHEREAS, Boeing has requested that the bond for the completed storm drain
improvements be reduced.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SEAL BEACH
DOES HEREBY RESOLVE:
Section 1, Faithful Performance Bond No, 6380019 In the amount of
$150,000.00 provided by Safeco Insurance Company of America to guarantee
the Installation of storm drain improvements for tile Paclflc Gateway Business
Center, Tract Map No, 16375, shall be reduced by 90% to an amount of
$15,000,00, Said amount of $15,000,00 will be retained as a warranty bond to
provide for repair of defective work for tile period of one (1) year from the date of
this council action.
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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: Council member
ABSENT: Councllmember
ABSTAIN: Councllmember
Mayor
ATTEST:
City Clerk
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF SEAL BEACH }
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I, Unda Devine, City Clerk of the City of Seal Beach, Califomia, do hereby certify
that the foregoing resolution is the original copy of Resolution Number
on file 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 11th day
of Februarv , 2008,
City Clerk
City of Seal Beach
Track No,16375
Date: January 7, 2008
City Letter: CL-147
Stephane M. Wandel
Pacific Gateway Business Center
4501 E Conant St
Long Beach, CA, 90808
Subject: Storr:n Drain System Sign Off
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Dear Stephane,
This letter is in response to your letter dated January 3, 2008 regarding final completion
of the Storm Drain System, We have inspected the re-grading of the central ditch, A
flow test was done and approved of the central ditch. The City will be officially
accepting the completion of the Storm Drain System at the February 12, 2008 City
Council Meeting,
If you have any further question, please contact Karim Varshochi at 714-412-2722.
Sincerely
~~Jtp.~4~/
Resident Engineer
Cc: Michael Ho, City of Seal Beach
Tony Coco, City of Seal Beach
Lance lavin, Mooty Group
File: Track No. 16375
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