REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Travis Hopkins, City Manager
VIA: Chau Vu, Director of Public Works
PREPARED BY: Steve Bogart, Principal Civil Engineer
Subject:
title
Approve the Release of the Guarantee and Warranty Bond for the HB Walk Project (Tract 19157)
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Statement of Issue:
Sufficient time has passed since the City accepted the public improvements for the HB Walk Project (Tract 19157), located at 8371–8461 Talbert Avenue at the northwest corner of Talbert Avenue and Newland Street. The Guarantee and Warranty Bond provided by the developer, Olson Urban–Huntington Beach 4, LLC, as security for the guarantee and warranty of the public improvements, is now eligible for release.
Financial Impact:
No funding is required for this action.
Recommended Action:
recommendation
Release Guarantee and Warranty Bond No. PB03010409024-M, the security furnished for guarantee and warranty of improvements for the HB Walk Project (Tract 19157); and,
Instruct the City Clerk to notify the developer, Olson Urban-Huntington Beach 4, LLC, of this action; and,
Instruct the City Treasurer to notify the surety company, Philadelphia Indemnity Insurance Company, of this action.
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Alternative Action(s):
Do not approve recommended action and direct staff accordingly.
Analysis:
On July 15, 2025, the City Council accepted the improvements constructed and dedicated for public use within the HB Walk Project (Tract 19157) and accepted Guarantee and Warranty Bond No. PB03010409024-M, the security for the guarantee and warranty of the improvements. The required one-year period has now passed, and the City Engineer has determined that the improvements were constructed in substantial compliance with the approved plans and specifications. Accordingly, the City Engineer recommends release of the bond.
California Government Code Section No. 66499.3(d) requires that a security for guarantee and warranty o...
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