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01-19-2021 - AGENDA ITEM 11 CONSIDERATION OF RELEASE OF PERFORMANCE AND WARRANTY SECURITY CASH DEPOSIT FOR PRECISE PLAN NO. 14-05 - 835 W. CHRISTOPHER STREETAGENDA ITEM NO. 11 AGENDA STAFF REPORT City of West Covina I Office of the City Manager DATE: January 19, 2021 TO: Mayor and City Council FROM: David Carmany City Manager SUBJECT: CONSIDERATION OF RELEASE OF PERFORMANCE AND WARRANTY SECURITY CASH DEPOSIT FOR PRECISE PLAN NO.14-05 - 835 W. CHRISTOPHER STREET RECOMMENDATION: It is recommended that the City Council accept all on -site and off -site improvements for Precise Plan No. 14-05 located at 835 W. Christopher Street and authorize the release of the Performance and Warranty Security cash deposit in the amount of $69,010. DISCUSSION: The project consisted of a new 9,818-square foot two-story office building located at 835 W. Christopher Street, West Covina. On May 15, 2017, in accordance with the conditions of approval for the development, Ellen Wu for SEEK Education, Inc. entered into an Improvement Agreement with the City for the required on - site and off -site improvements. The improvements included parking, landscaping, grading, a sewer system, a storm drain system, AC pavement, on -site lighting, striping, signing, and all appurtenant work to the satisfaction of the City Engineer. The applicant posted a cash deposit of $69,010 to guarantee the completion of the required improvements. All improvements have been completed in accordance with the Improvement Agreement and to the satisfaction of the City Engineer; therefore, Ellen Wu for SEEK Education, Inc., is requesting the release of the cash deposit. Staff recommends that the City Council accept the improvements and authorize the release of the Performance and Warranty Security cash deposit in accordance with the Improvement Agreement. OPTIONS: The City Council has the following options: 1. Approve Staff's recommendation; or 2. Provide alternative direction. Prepared by: Michael Ackerman, PE, City Engineer Fiscal Impact FISCAL IMPACT: None. CITY COUNCIL GOALS & OBJECTIVES: Enhance the City Image and Effectiveness