REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Travis Hopkins, City Manager
VIA: Jennifer Villasenor, Director of Community Development
PREPARED BY: Kriss Casanova, Economic Development Manager
Subject:
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Accept a Completion Bond for Building Improvements Associated with 21 and 22 Main Street on the Huntington Beach Pier
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Statement of Issue:
City Council action is requested to accept a completion bond guaranteeing the completion of required improvements associated with the construction of a new restaurant project located at 21 and 22 Main Street on the Huntington Beach Pier. The completion bond is required under the executed sublease between the City and Surf City Partners, LLC (the "Lessee") and ensures that the approved improvements will be completed in accordance with approved plans, conditions of approval, applicable City standards, and regulatory requirements.
A completion bond is a financial guarantee that protects the City by ensuring that required improvements are completed, or that funds are available for the City to complete the work, in the event the Lessee fails to do so.
Financial Impact:
There is no direct fiscal impact to the City associated with acceptance of the completion bond. The bond serves as financial security to ensure completion of required improvements at no cost to the City in the event of default by the Lessee.
Recommended Action:
recommendation
A) Accept the Completion Bond in the amount of $1.3 million for building improvements associated with 21 and 22 Main Street; and
B) Authorize the City Engineer to administer and enforce the bond in accordance with City standards and applicable law.
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Alternative Action(s):
Do not approve the recommended action and direct staff accordingly. If the completion bond is not accepted, construction of the project cannot proceed until an acceptable bond is approved by the City Council, resulting in a delay of the ...
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