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File #: 19-431    Version: 1
Type: Consent Calendar Status: Passed
File created: 4/2/2019 In control: City Council/Public Financing Authority
On agenda: 6/17/2019 Final action: 6/17/2019
Title: Accept Bond Reductions for Shea Homes' Parkside Estates Development Project
Attachments: 1. Att#1 - Location Map, 2. Att#2 - Original Subdivision Bond, 3. Att#3 - Bond Reduction Letters, 4. Att#4 - Bond Reduction Riders
REQUEST FOR CITY COUNCIL ACTION

SUBMITTED TO: Honorable Mayor and City Council Members

SUBMITTED BY: David Kiff, Interim City Manager

PREPARED BY: Travis Hopkins, Interim Assistant City Manager

Subject:
title
Accept Bond Reductions for Shea Homes' Parkside Estates Development Project
body

Statement of Issue:
Shea Homes Limited Partnership, A California Limited Partnership, has substantially completed the construction of much of the required public improvements for the Parkside Estates Development Project and is requesting a reduction of the project's sureties through City Council acceptance of the Coverage Riders.

Financial Impact:
No fiscal impact.

Recommended Action:
recommendation
A) Authorize the Mayor to acknowledge and accept the Coverage Riders for the Faithful Performance and Labor and Material Bond Nos. 0195156, 0195157, 0195158, 0195159, 0195160, 0195161, 0195162, and 0195163, and instruct the City Clerk to file the riders with the City Treasurer; and,

B) Instruct the City Treasurer to notify the surety, Berkeley Insurance Company, of this action.
end

Alternative Action(s):
Deny the recommended action and provide direction to staff for the alternative action.

Analysis:
As part of the proposed subdivision and development of the Parkside Estates project (Attachment 1), Shea Homes was allowed to record Final Tract Map No. 15377 prior to the completion of construction of the required public improvements, by entering into a Subdivision Agreement and posting Faithful Performance and Labor and Material Bonds as sureties to guarantee the construction of those required public improvements (Attachment 2).

Shea Homes has now substantially completed the construction of approximately 95% of the required public improvements and is requesting reduction by approximately 90% of the original bond amount. This action is not the City's formal acceptance of these public improvements which will not occur until after all the improvements have been construc...

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