HomeMy WebLinkAbout24604RESOLUTION NO. 24604
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, AUTHORIZING A REDUCTION OF
SECURITIES ASSOCIATED WITH TRACT MAP NO. 36725 AND
AUTHORIZING REDUCTION OF SECURITIES REOIRED BY THE
SUBDIVISION IMPROVEMENT AGREEMENT WITH FAR WEST
INDUSTRIES, A CALIFORIA CORPORATION, FOR PROPERTY
LOCATED AT THE SOUTHEAST CORNER OF NORTH PALM
CANYON AND ALVARADO ROAD, IN SECTION 3, TOWNSHIP 4
SOUTH, RANGE 4 EAST. A7028.
WHEREAS, the City Council of the City of Palm Springs, (hereinafter the "City"),
at its meeting of July 19, 2017, adopted Resolution No. 24278, approving Tract Map
36725 and a related Subdivision Improvement Agreement, (Agreement No. 7028), with
Far West Industries, a California corporation, (hereinafter the "Developer"), in accordance
with Section 66462 of the California Government Code; and
WHEREAS, in accordance with Section 4.1 of the Subdivision Improvement
Agreement, the Developer was required to submit subdivision improvement securities in
the amount of $3,100,00 to guarantee construction of certain public improvements
required for and associated with Tract Map 36725, (the "Works of Improvement"); and
WHEREAS, the Developer has filed with the City Clerk a performance bond in the
amount of $3,100,000, labor and materials (payment) bond in the amount totaling
$1,550,000, maintenance and warranty bond in the amount of $465,000, and a
monumentation bond in the amount of $3000 in accordance with the Subdivision
Improvement Agreement; and
WHEREAS, the Developer has completed portions of the Works of Improvement,
and has requested that the City Council authorize a reduction in the subdivision
improvement securities to reflect its progress with completing a portion of the Works of
Improvement; and
WHEREAS, the City Engineer has examined the Works of Improvement, and
recommends that the performance bond in the amount of $3,100,000 be reduced by 50%
to $1,550,000, and that the labor and materials (payment) bond be reduced by 50% to
$775,000, to reflect completion of portions of the Works of Improvements.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM SPRINGS
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The recitals above are found to be true and correct and constitute
the findings of the City Council made in support of this resolution.
Resolution No. 24604
Page 2
SECTION 2. The City Council hereby authorizes a reduction in the Security
Instruments previously filed with the City Clerk to guarantee construction of the Works of
Improvement associated with Tract Map No. 36725, as required by that certain
Subdivision Improvement Agreement, (Agreement No. 7028), as follows:
Faithful Performance Bond No. 391100P to be reduced 50% to $1,550,000
Labor and Material Bond No. 391100P to be reduced 50% to $775,000
SECTION 3. The City Clerk is hereby authorized to submit a letter to the Surety
documenting the City's approval to reduce the face amount of the Security Instruments
as noted in Section 2 of this Resolution.
ADOPTED THIS 22ND DAY OF MAY, 2019.
David H. Ready, Esq., Ph.
City Manager
ST:
Ardhony J. jejia,
City Clerk
Resolution No. 24604
Page 3
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )
CITY OF PALM SPRINGS)
CERTIFICATION
SS.
I, Anthony J. Mejia, MMC, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. 24604 is a full, true and correct copy, and was duly adopted at a regular
meeting of the City Council of the City of Palm Springs on the 22nd day of May, 2019, by
the following vote:
AYES: Councilmembers Holstege, Middleton, Roberts, Mayor Pro Tem Kors, and
Mayor Moon
NOES: None
ABSENT: None
ABSTAIN: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of Palm Springs, California, this �cj+— day of 'fig —g- , _ ze ► y
thonyJ P ejia,
City Clerk