HomeMy WebLinkAboutSR - PM24255 - Release Securities Monterey 170, LLCCITY OF PALM DESERT
PUBLIC WORKS DEPARTMENT
STAFF REPORT
REQUEST: Release Maintenance and Sidewalk Securities for PM 24255
SUBMITTED BY: Mark Greenwood, P.E., Director of Public Works
APPLICANT: Monterey 170, LLC
C/o Thomas S. Noble
74075 El Paseo, Suite A3
Palm Desert, CA 92260
DATE: February 28, 2008
CONTENTS: Vicinity Map
Contract
Recommendation:
By Minute Motion, authorize the City Clerk to release a maintenance
security in the amount of $308,040.80 and a security for the construction
of sidewalks in the amount of $318,000.00 for PM 24255.
Discussion:
Parcel Map 24255 is located southeast of Monterey Avenue and Dinah Shore Drive. On
November 18, 2004 a letter of credit, which was posted for various improvements at the
time of permit, was released and City Council accepted letters of credit from Monterey
170, LLC for maintenance.
Monterey 170, LLC was obligated by the conditions of approval to construct sidewalks
on the project. Security in the form of a letter of credit in the amount of $318,000.00 was
posted on November 18, 2004 for sidewalk construction. Since then an agreement
between Monterey 170, LLC and the City of Palm Desert, releasing the developer from
the obligation of constructing sidewalk, has been executed. Cash was substituted for
both letters of credit at a later date.
Release Maintenance Security and Sidewalk Security for PM 24255
Page 2 of 2
February 28, 2008
The one-year maintenance period is now complete and the developer is no longer
obligated to construct sidewalk; therefore, staff recommends that City Council accept
the work as complete and authorize the release of the maintenance security in the
amount of $308,040.80 and the sidewalk construction security in the amount of
$318,000.00, for PM 24255.
Prepared By: Department He
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Christina Canales Mark GreenvGood, P.E.
Assistant Engineer Director of Public Works
Approval:
Homer Croy
ACM for De
Carlos L. OrtegY
City Manager
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ment Services
Paul Gibson
Finance Director
CITY COUNCIL ACTION:
aPPROV E.D ✓ DENIED
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ABSENT : N c\e-
ABSTAIN:, time_
VERIFIED BY: I'Lf'k'Jrr_
Original on File with' City Clerk's Office
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