Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute an Agreement with JFB McKinney/2003, Ltd. for the Maintenance of Public Improvements for Lake Forest Drive and Bloomdale Road
Summary
MEETING DATE: June 17, 2014
DEPARTMENT: Development Services/Engineering
CONTACT: Michael Hebert, PE, Assistant Director Engineering
RECOMMENDED CITY COUNCIL ACTION:
· Approval of the Resolution
ITEM SUMMARY:
· This item authorizes the City Manager to enter into an agreement with JFB McKinney/2003, Ltd. regarding the maintenance of Lake Forest Drive and Bloomdale Road.
· The location of the constructed public improvements is at the intersection of Lake Forest Drive and Bloomdale Road as shown on the attached exhibit.
· The Agreement replaces the maintenance bond required by ordinance for final acceptance of public improvements.
· The developer has been unable to obtain a maintenance bond from his contractor.
· The developer has put up a letter of credit for 20% of the cost of the public improvements for a two-year period, which exceeds the obligation of a maintenance bond for 15% of the public improvements for two years.
BACKGROUND INFORMATION:
· The concrete sections of Lake Forest Drive and Bloomdale Road have been in operation at this location for several months, and the road is currently in good condition.
· The roads have not yet been accepted as public improvements by the City. The improvements can only be accepted when a maintenance bond is received or a maintenance agreement is approved by both parties.
· The City has an agreement with the developer that obligates the construction of these sections of road.
FINANCIAL SUMMARY:
· N/A
BOARD OR COMMISSION RECOMMENDATION:
· N/A