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Home My WebLink AboutTM31377 - Release 1-yr Maintenance Security CITY OF PALM DESERT PUBLIC WORKS DEPARTMENT STAFF REPORT REQUEST: Release One-Year Maintenance Security for Tract Map 31377 SUBMITTED BY: Mark Greenwood, P.E., Director of Public Works APPLICANT: Coachella Valley Land Company, Inc. 75110 St. Charles Place, Suite 2 Palm Desert, CA 92211 Bond Company: Developers Surety and Indemnity Company PO Box 19725 Irvine, CA 92623 Bond Number: 586943(M) DATE: June 26, 2008 CONTENTS: Copy of Bond, Vicinity Map Recommendation: By Minute Motion, authorize the City Clerk to release the subdivision improvement maintenance security for Tract 31377. Discussion: Tract Map 31377 is located on the south side of Hovley Lane West and Corte lacit s � � performance bond for off-site improvements and grading was released by Council Jun 8 4``''., 2007 and a one-year maintenance bond in the amount of $11,690.00 was subm'tt d. T e o e o year maintenance period is now complete and staff recommends that the City C il a t o z N the release of the maintenance obligation. � a� Submitted By: G�.- Depa e ad: � w �/�V• 1 ACT W� �vl � � / � W W + "�") G Y"� Christina Canales Mark Green ood, P.E. W E � , � Assistant Engineer Director of Public Works .. A o �LL _{ � �4 Approval: � � � � 3 � a� U � �� ' � � a w � .. Homer Croy Paul Gibson � � � � �- � o A CM f or D ev el o e t S ervi c e s Finance Director U � � z y ., H W � 9+ Q'eC4 HC@tl2 � E-� H C71 H W U �Q Ix1 tYl tR v3 R: -�-i Carlos L. Ortega v � a � � � � � � O City Manager /cc/dhl G:IPub WorkslStaff Reports12008Uune 26111 Release maintenance bond TR 313771Staff Report-Release Maintenance Bond TR 31377.docx 4G� iNSCO {NSUfiAfVCE SERV�CES, INC. '�� p�.+ Underwriting Manager for; 0��■ Devafopers Surety and 3ndemnity Company ��p Indemniiy Company of California 97780 Fltch,Sulte 200•lcvine,California 92814•(949)263-3300 ' � `�' MAINTENANCE SOND BOND NO.: 586943(M) Premium included in Perforrziance Bond KNOW ALL MEN BY THESE PRESENTS: THAT we, Coachella Valley Land Company,Inc. ,as Principat, and Develvpers Surety and lndemnity Company a corporation organized and dotng business under and by virlue of the]aws of the State of owa and duly[icensed to conduct surety business in the State of California,as Surety,are held and firmly bound unto City of Palm Desert as Obligee,in the sum of Eleven Thousand Six Hundred Ninety--- �$ 11,690.00 )DoIlars,for which payment,well and truly to be made,we bind ourselves,our heirs,executors and successors,joint[y and severally firmly by these presents. THE CONDITION OF THE OBLIGATION IS SUCH THAT: , WHEREAS,the above named Princzpal entered into an agreement or agreements with said Obligee to: Tract No.31377 WHEI�AS,said agreement provided that Principal shall guarantee replacement and repair of improvements as described therein for a period of one year following final acceptance of said improvements; NOW,THEREFORE,if the above Principal shall indemnify the Obligee for all loss that Obligee may sustain by reason of any defecrive materials or worlcmanship which become apparant during the period of one year from and after acceptance of the said improvements by Obligee,then this obligation shall be void;otherwise to remain in full force and effect. IN WITNESS VJHEREOF,the seai and signature of said Principal is hereto affixed and the corporate seal and the name of the said Surery is hereto affixed and attested by its duly authorized Attorney-in-Fact ��s 7th day of �une 2007 YEAR Coachella Valley Land Company, Inc. Developers Surety and lndemnity Company Principal BY: li�-.` ' BY: � LG v;J' . Erin 8a t(ste, Attomey-in-Fact �ah �9-✓_ Gr� � Presi de� ID-120i{CA)(One Year Term)(REV.3l01) California Arl Purpos� Acknovvl�dgr�ent State of California County of San Mateo On June 7, 2007 , before me, Jean L. Neu, Notary Public Date Name&Title of�fficer/Nofary personally appeared Erin Bautista Names(s)of Signers(s) personally known to me to be the person whose name is subscribed to the within instrument and acknowledged to me that she execufied the same in her authorized capacity, and that by her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instn�ment. WITNESS my hand and official seal. JEAN L.NEU . "� Commisslon#762652U � .-,,y• Nofary Publlc-Gatltornla y� �+• � San Mateo Counry - �� " P�ty Comm.Explres Dec 21,2009 Notary Publlc OPT/ONAL (The information below is not requrred by�awJ Description of Attached Document Title/type of Document Date of Document No. of Pages Ofher Signer(sj h:ldocslsurety�formslnotary.doc P01VER OFATTORIVEY FOR DEVELOPERS SUlZETY AND 1l1DEMNC'fY CO?riPANY INDEMNITY COMPANY OF CALIFOW4IA PO BOX 19725,IRVME,CA 92623 (9a9)263-3J00 KNOW ALL MEN 8Y THESE PRESENTS,�hat exccpt as expressly limited,DEVBLOPERS SURLTY AND INDEMNITY COMPANY ond I�DEMNITY COMPANY OF CALIFORNIA,do each,hcrcby makc,constitutc aod appoint: ***Erin Bautista, Jean L. Neu, Bryan D. Martin, B.A. Poitevin, Patricia Golden, jointly or severally*** as their we and lewful Attomey(s)•ia-Fac�,to meke,execute,dclivcr end acknowledge,for nnd on behalf of said corporationa,�s suretics,bonds,undcrUkings and conln��s of suretyship giving aod eranting unto said Anomey(s)-in-Fact full powcr and authoriry to do end to perform every ect ntcasary,rcquicite or proper to be done in connection thaewith u tach oCsaid eoryorations eould do,but reserving to each of said carporations full power of substitution nad revocation,and all of tho ecls of said Auomey(s)-in-Fut,pursunnt to thac pruenu,are hcreby ratified end confinned. 'Ihis Power oCAttomey is gnnted end is signed by facsimile under and by auihoriry of the following resolutions adoptcd by the reapective Board of Direelors of DEVELOPERS SURETY AND INDEMN►TY COMPANY and INDEMNITY COMPANY OF CALIFORNlA,etkcdve ss ofNovembcr 1,2000: R�SOLVEU,tbst�hc Chsirman aCthe tloard,the Yres�deat attd�ny Vict Presidatt oftlie cwpuraliva bc,md Ihet uch ol'Ihem hercby is,eulhorizcd to execute Powers of Attomcy,qualifying the attomey(s)namcd in the Powers of Attomey to execute,on bchalf of Ihe corparaGons,bondc,undatakings�nd eontracts oC sureryship;and thal the Secretary or any Asustant Serrtury of the eorpontions be,and each ofthem herehy is,authorized to attest the execution of any such Powcr oCAttorney; RESOLVED,FURTHER lhat[he signalures of such o(ficen msy be�ffixed to�ny such Power otAnomey or to any certifcatc relating thento by focsimile,and eny such Power of Attomey or ceRificalc bcering sueh fouimile signatu�cs sh�ll be valid�nd binding upon th¢corporation whea so a(Tixed end in the futun with rapect io any bond,undcAaking or contract af surctyship io which ft is anachcd. iN W3TNESS WHEREOF,DEVELOPERS SURETY AND INDEMNITY COMPANY and tNDEMNITY COMPANY OF CALIFORNIA have:evenlly caustd thesc presents to bc signed by thcir respective Exceu�ivc Vice Presidcnt�nd anestcd by thcir rapcaive Sarcary this 1 st doy of Axember, 2005. C ,�\11111111NIf11��I By: o S�l 1►Hp�,`,s,r, �J,pANYO David H.Rhodcs,Exccutivc Vice-Praidcm �'P�•""'"""� �F�'V�, G� PPOR � (r'�*6jJr OpFGR'�T�;•y� h.� Op �}�' 7 i �4 OCT. � ��-�c: z' = OCT.5 ��T i�s' 10 ;�� ti 1987 ,a 9Y�Wa11crA,CrowoU.Sccrcluy �`�7�,/OW�,,,�.'�a�;� �y��FOP��'a2 �0 . . Z,�� * ''��M*uaN`� STATE OF CALIFORNIA � COUN7Y OF ORANGE On December 1,�005 before me,Gin�L.Gimcr,(hcrc inscA name md tillc of thc officer), person+Uy eppc�rcd David H.Rhodes�nd W�Iter A.Crowdl, peaonally known to me(or proved to me on thc buis of utisfaclory evidence)to be tho person(s)whose nome(s)is/ue eubsceibed lo the within iruuument�nd ec}sowledgcd to me Ihu hc/shc/they exeeuted tFx sart►c in hisThedlhciran�horized cap�ciry(ia),and Ihit by hisThcdtlxir signalure(s)on Ihe insbvrnrnt ihe petson(s), or�he entiry upon behaltof whi�h the peaon(s)uted,cxecu�cd the instrument WITNESS my bnad and ofTicial sc�l. � GINA L GARNER � � COIKN.#f56956t � Nornm Pueuc c�ur�M,� Signature �%/�%��"�_ (SEAL) ORAl7GE CdUFRY comn�� tJ.2oa CERTIFICATE The uodersigneQ as Auist�rn Sccretuy,ofDEVELOPERS SURETY AND QJDEMNITY COMPANY�nd MDEMNfTY COMPANY OFCALIFORNIA, docs hcnby ccrti fy lhat Ihe fore�oine Power ofAftomey remaias in fu11 Corce wd hes noi been revokcd,end furthermore,that�he provision�of the raolutions of the rapective E3oards otDirccton of said co►ponlions xt forth ia the Power of Anorney,are in foreo u of Ihe d�te of this Cutifice�e. This Certifiate is ezaukd ip the Ciry oflrvine,California,the�th d�y of June 2007 /��`��r Sy Albert Hilicbnnd,Assis�ant Sccrctary ID-1380(Rev.12/OS)