HomeMy WebLinkAboutRelease Secuirty TM 29468 - Stone Bridge DvlpmntREQUEST:
SUBMITTED BY:
APPLICANT:
DATE:
CONTENTS:
Recommendation:
CITY OF PALM DESERT
PUBLIC WORKS DEPARTMENT
STAFF REPORT
Release Improvement Security for Tract 29468 for
Stonebridge Development
Mark Greenwood, P.E., Director of Public Works
Stonebridge Palm Desert, LLC
3525 Lomita Boulevard, Suite 200
Torrance, California 90505
Bonding Company
American Motorists Insurance Company
Bond No.:3SM04904000
July 13, 2006
Vicinity Map
By minute motion, authorize the City Clerk to release the subject
improvement security for Tract 29468, Stonebridge Palm Desert,
LLC, in the amount of $641,716.00.
Discussion:
Tract 29468, Stonebridge Development, is located at the northeast corner of
Tamarisk Row Drive and Country Club Drive. At the time of grading permit
issuance the subject securities were posted with the City for the grading and
street improvements.
All grading and improvements have been completed except for the construction
of a block wall surrounding a CVWD well site located in Freedom Park that
Stonebridge was conditioned by CVWD to build. The total cost of construction of
the wall has been determined to be $98,485.00. Stonebridge has already paid
$32,559.49 in materials and supplies for the wall and will be paying the City an
additional $65,925.51 to construct the wall.
A normal one-year maintenance bond has been submitted in the amount of 10%
of the Faithful Performance bond amount.
Release Security for tract 29468
July 13, 2006
Page 2 of 2
Therefore, staff recommends that the City Council accept work as completed and
authorize to release the subject improvement security for Tract 29468,
Stonebridge Palm Desert, LLC, in the amount of $641,716.00.
Submitted By:
M�tK Greenwoo
Director of Public Works
Approval:
d, P.E.
Honer Croy
�CM for Development Services
Carlos Ortega
City Manager
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Paul Gibso
Finance Ditt for
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MEETING DATE
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VERIFIED BY: ' K I , Iw1
original on File witI' City Clerk' S Office
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City of Paim Desert
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LOCATOR MAP
TR 29468
Date: 6/29/2006
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