Item 06- Consideration of Release of faithful Performance And Labor and Material Bonds For Precise Plan No. 16-06AGENDA ITEM NO.6
AGENDA STAFF REPORT
City of West Covina I Office of the City Manager
DATE: August 12, 2019
TO: Mayor and City Council
FROM: David Carmany
Interim City Manager
SUBJECT: CONSIDERATION OF RELEASE OF FAITHFUL PERFORMANCE AND LABOR AND
MATERIAL BONDS FOR PRECISE PLAN NO. 16-06 — LOCATED AT 440 S. VINCENT
AVENUE
RECOMMENDATION:
It is recommended that the City Council accept all on -site and off -site improvements for Precise Plan No. 16-06
located at 440 S. Vincent Avenue and authorize the release of Faithful Performance and Labor and Material Bonds
in the amount of $74,458 and $6,510 respectively.
DISCUSSION:
Del Taco applied to construct a new 2,000 square -foot restaurant building with a drive -through on a 18,450
square -foot lot. The Planning Commission approved the application on December 13, 2016. On March 27, 2017,
Del Taco entered into an Improvement Agreement with the City for the required on -site and off -site improvements
in accordance with the conditions of approval for the development. A form of security was required to be posted to
guarantee construction of the required improvements to the satisfaction of the City Engineer. Del Taco posted a
bond for Faithful Performance in the amount of $74,458 and a bond for Labor and Material in the amount of
$6,510 to guarantee the agreement.
All improvements have been completed in accordance with the Improvement Agreement and to the satisfaction of
the City Engineer; therefore, Del Taco is requesting the release of the bonds.
OPTIONS:
The City Council has the following options:
1. Approve staffs recommendation; or
2. Provide alternative direction.
Prepared by: Miguel Hernandez, Public Works Project Supervisor
Fiscal Impact
FISCAL IMPACT:
None.
CITY COUNCIL GOALS & OBJECTIVES: Engage in Proactive Economic Development