1982-1021_CROW-SAN JUAN RANCH_E6_Agenda Report9 0
AGENDA ITEM October 21, 1982
TO: Stephen B. Julian, City Manager
FROM: W. D. Murphy, Director of Public Works
SUBJECT: Consideration of Reduction of Surety, Parcel Map
80-851. Rancho Viejo Road (Trammell Crow Company)
SITUATION
The developer of Parcel Map 80-851/Rancho Viejo Road, Trammell
Crow Company, is requesting review and consideration of a
reduction in the Labor and Materials surety requirement for
Rancho Viejo Road. Staff has reviewed the progress of work to
date and concurs with the developer that a reduction of the Labor
and Materials surety is appropriate. No reduction is requested
or recommended for the Faithful Performance or Monumentation
sureties. A summary of the current and proposed surety follows:
SURETY
PURPOSE CURRENT AMOUNT
PROPOSED AMOUNT CHANGE
Bond
Faithful Performance $1,812,500
$1,812,500
-0-
Bond
Labor and Materials 1,812,500
450,000
$1,362,500
Bond Monumentation
FINANCIAL CONSIDERATIONS
7,500 7,500 -0-
There is no cost or compensation for this action.
ALTERNATE ACTIONS
1. Approve the reduction of the Labor & Materials surety from
$1,812,500 to $450,000.
2. Do not approve the reduction of the Labor and Materials
surety.
3. Request further information from Staff.
RECOMMENDATION
By motion, approve the reduction of the Labor and Materials surety
for Parcel Map 80-851 from $1,812,500 to $450,000; subject to the
approval of the new surety instrument by the City Engineer.
Respectfully ubmitted,
UAB' �\
W. D. Murphy
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Attach.