HomeMy WebLinkAbout24657RESOLUTION NO. 24657
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, AUTHORIZING A
REDUCTION OF SECURITIES ASSOCIATED WITH TRACT
MAP 36725 AND AUTHORIZING REDUCTION OF
SECURITIES REQUIRED BY THE SUBDIVISION
IMPROVEMENT AGREEMENT WITH FAR WEST
INDUSTRIES, A CALIFORNIA COPRORATION, FOR
PROPERTY LOCATED AT THE SOUTHEAST CORNER OF
NORTH PALM CANYON DRIVE AND ALVARADO ROAD, IN
SECTION 3, TOWNSHIP 4 SOUTH, RANGE 4 EAST.
WHEREAS, the City Council of the City of Palm Springs, (hereinafter the "City
Council"), 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 $3,100,000 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, a labor and materials (payment) bond in the amount of
$1,550,000, a maintenance and warranty bond in the amount of $465,000, and a
monumentation bond in the amount of $3,000 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, on May 22, 2019, the City Council did adopt Resolution No. 24604,
authorizing a reduction of securities associated with Tract Map No. 36725; and
WHEREAS, the Developer has completed construction of all the Works of
Improvement with the exception of off -site street improvements associated with N. Palm
Canyon Drive (Highway 111), estimated at a cost of $100,000; 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 to
$100,000, and that the labor and materials (payment) bond be reduced to $50,000, to
Resolution No. 24657
Page 2
reflect completion of all Works of Improvement with the exception of the remaining off -
site street 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.
SECTION 2. The City Council hereby authorizes a further 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 to $100,000
Labor and Material Bond No. 391100P to be reduced to $50,000
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 23RD DAY OF OCTOBER, 2019.
David H. Ready, City er
ATTEST:
'-Anthony J. Mqia, MM
City Clerk
Resolution No. 24657
Page 3
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE) SS.
CITY OF PALM SPRINGS)
I, Anthony J. Mejia, MMC, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. 24657 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 October 23, 2019, by the
following vote:
AYES: Councilmembers Holstege, Middleton, Roberts, Mayor Pro Tern 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 I day of �2ece,,,be-V 1 zc+1-1
Anthony J. Me)
e ia, M
City Clerk