HomeMy WebLinkAboutRelease of Security PM 28780 ART Palm LLC and American Realty Trust IncCITY OF PALM DESERT
PUBLIC WORKS DEPARTMENT
STAFF REPORT
REQUEST: Release Improvement Security for Parcel Map 28780
SUBMITTED BY: Mark Greenwood, P.E. Director of Public Works
APPLICANT: ART Palm, LLC/American Realty Trust, Inc.
c/o Prime Income Asset Management, Inc.
Attn: John Mayfield
1800 Valley View Lane, Suite 300
Dallas, TX 75234
Bonding Company
Fidelity and Deposit Company of Maryland
Bond No.: LPM8788767
DATE: December 14, 2006
CONTENTS: Vicinity Map
Recommendation:
By minute motion, authorize the City Clerk to release the subject
improvement security for Parcel Map 28780 in the amounts of
$155,650.00 Faithful Performance and $77,825.00 Labor and Materials.
Discussion:
N
Parcel Map No. 28780 is located at the northwest corner of Gerald Ford Drive and
Portola Avenue. As a condition of approval of the subject map, the developer was
required to submit surety as a guarantee for the future construction of the west side of
Portola Avenue north of Gerald Ford Drive. The bond was submitted, required fees
were paid, and the map recorded December 29, 2000. The property in which the map
encompassed has since sold and is now in the site of Ponderosa Homes. Ponderosa
Homes is in the process of subdividing and developing the area and Assessment
District 04-02 is moving ahead and includes the construction of Portola Avenue.
G:IPubWorkslStaff Reportsl20061December 1417 Release Security PM 287801Re/ease improvement Security for PM 28780.doc
Release Improvement Security for PM 28780
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December 14, 2006
Therefore, staff recommends that City Council authorize the City Clerk to release the
subject improvement security for Parcel Map No. 28780 in the amount of $155,650.00
Faithful Performance and $77,825.00 Labor and Materials.
Prepared By:
r
R. Page Garner, L.S.
Sr. Engineer/City Surveyor
Homer Croy
ACM for Development Services
Carlos L. Orte
City Manager
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Departme t Hea
Mark Greenwood, P.E.
Director of Public Works
Cfr
Paul Gibso
Finance D. ector
CITY COUNCIL/ACTION:
jAPPROVED J DENIED
Z ECEIVED OTHER
NESTING DATE ra-lq-ao
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NOES: IStneJ
ABSENT: None,.
ABSTAIN: f[one_,
VERIFIED BY: (Zl�IC.(ra
Original on File with,Xity Clerk's Office
G:IPubWorkslStaff Reportsl20061December 1417 Release Security PM 28780\Release Improvement Security for PM 28780.doc
City of Palm Desert ArcIMS Map Output
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