Report to Mayor and City Council
Tuesday, December 04, 2018
Consent
SUBJECT:
Title
CONSIDER BOND RELEASE FOR TRACT MAP NO. 71533: MIXED-USE DEVELOPMENT LOCATED AT 616 EAST CARSON STREET (CITY COUNCIL)
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I. SUMMARY
On September 2, 2014, the City Council approved Item No. 17 Tract Map No. 71533: Mixed-Use development comprised of two four-story mixed use buildings; 14 two-and three-story townhouse buildings, a community building, and a recreation area in the center of the property; and 15 detached two-story homes on a 9.51-acre site developed by Community Dynamics, located at 616 East Carson Street. The construction of offsite improvements for Tract Map No. 71533 has been completed in compliance with the approved plans and specifications and in a manner satisfactory to the City's engineering staff.
The developer requests the release of the bonds to reflect the completed work. Staff recommends that the City Council approve the work as complete and authorize staff to release the surety bond in the amount of $4,789,132.00 for Tract Map No. 71533.
II. RECOMMENDATION
Recommendation
TAKE the following actions:
1. APPROVE the work as complete.
2. ACCEPT the new off-site improvements for public use.
3. AUTHORIZE the release of the surety bonds in the amount of $4,789,132.00 for construction of off-site improvements for Tract Map No. 71533.
4. INSTRUCT the City Clerk to send a copy of the City Council action to the principal, surety and the County of Los Angeles Department of Public Works.
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III. ALTERNATIVES
DO NOT APPROVE the release of the bond. However, it is standard procedure to release the bond once the work is completed.
IV. BACKGROUND
Tract Map No. 71533 allowed for the construction of two four-story, mixed use buildings; 14 two- and three-story townhouse buildings, a community building, and recreation area in the center of the property; and 15 detached two-story homes on a 9.51-acre site, located at 616 East Carson Street. Residential ...
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