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: Jacob Aube, Senior Civil Engineer
Subject:
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Release Guarantee and Warranty Bond for Tract 18105 and Tract 18106 (Regatta - Holly and Gothard Townhomes)
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Statement of Issue:
The required twelve (12) month warranty period has concluded for the public improvements constructed by Meritage Homes of California for Tract 18105 and Tract 18106 (Regatta - Holly and Gothard Townhomes), making their Guarantee and Warranty Bonds eligible for release.
Financial Impact:
No funding is required for this action.
Recommended Action:
recommendation
A) Release Guarantee and Warranty Bond No. 30190069 (Attachment 1); and,
B) Release Guarantee and Warranty Bond No. 30190068 (Attachment 2); and,
C) Instruct the City Clerk to notify the developer, Meritage Homes of California, and the City Treasurer to notify the Surety, The Continental Insurance Company, of these actions; and,
D) Instruct the City Treasurer to notify the City Clerk when the Guarantee and Warranty Bonds mentioned above have been released.
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Alternative Action(s):
Do not approve the recommended actions, which may result in violation of the Subdivision Map Act, whereby Section 66499.7 of the Government Code requires that the securities given for the faithful performance of construction public improvements shall be released upon acceptance of the work.
Analysis:
On March 19, 2024, the City Council formally accepted these newly constructed public improvements as meeting the conditions of approval for both tracts (Attachment 3). The improvements include new curb, gutter, sidewalk, paving, lighting, signage, striping, and utility installations.
At that meeting, the City Council also accepted a Guarantee and Warranty Bond as security for the twelve-month warranty period. The City Engineer has since determined...
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