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HomeMy WebLinkAbout07 - Sterling BMW Release of BondsCITY OF NEWPORT BEACH CITY COUNCIL STAFF REPORT Agenda Item No. 7 March 28, 2006 TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: Public Works Department Fong Tse, P.E. 949 -644 -3311 orftse @city.newport - beach.ca.us SUBJECT: RELEASE OF BOND FOR STERLING BMW ON AVON STREET ROADWAY EXTENSION IMPROVEMENTS DEVELOPER: STERLING BMW — NEWPORT BEACH RECOMMENDATION: 1. Accept the public improvements constructed in conjunction with Parcel Map No. 2002 -154. 2. Authorize the City Clerk to release Faithful Performance Bond No. 9307867 in the amount of $15,000 for the Avon Street roadway extension public improvements. 3. Authorize a budget amendment in the amount of $15,000 from the unappropriated Transportation and Circulation fund (260 -3605) to Account 7261- C5100697 to pay for the City's share of the Avon Street roadway extension work. DISCUSSION: As conditioned by Parcel Map No. 2002 -154, Sterling BMW — Newport Beach (Sterling) was required to construct a westerly extension of Avon Street for approximately eighty (80) feet to provide an internal vehicular connection through the site between West Coast Highway and Avon Street. Because of the benefits to traffic circulation in the immediate vicinity, the City agreed to reimburse Sterling fifty - percent (50 %) of the construction costs up to an amount not to exceed $15,000. The roadway extension work, which included asphalt paving, curbs and gutters, and a retaining wall above and behind the new northerly curb, has been completed and inspected as satisfactory for acceptance. Sterling paid $49,018.31 for these improvements. Sterling has requested release of its performance bond for the work and reimbursement for the City's share of the construction costs. The completed improvements will be maintained by the City. RELEASE OF BOND FOR STERLING BMW ON AVON STREET ROADWAY EXTENSION IMPROVEMENTS March 28, 2006 Page 2 Environmental Review: Provisions of CEQA are not applicable. Attachment: Budget Amendment Submitted by: phen G. Badum Public Works Director I City of Newport Beach BUDGET AMENDMENT 2005 -06 EFFECT ON BUDGETARY FUND BALANCE: Increase Revenue Estimates X Increase Expenditure Appropriations AND Transfer Budget Appropriations SOURCE: from existing budget appropriations from additional estimated revenues PX from unappropriated fund balance EXPLANATION: This budget amendment is requested to provide for the following: NO. BA- 06BA -052 AMOUNT: $15,000.00 Increase in Budgetary Fund Balance X Decrease in Budgetary Fund Balance No effect on Budgetary Fund Balance To increase expenditure appropriations to pay for the City's share of the Avon Street roadway extension work. ACCOUNTING ENTRY: BUDGETARY FUND BALANCE Fund Account 260 3605 REVENUE ESTIMATES (3601) Fund /Division Account EXPENDITURE APPROPRIATIONS (3603) Description Trans R Circulation Fund - Fund Balance Description Signed: Signed: Signed Approval: Administraative Services Director City Manager City Council Approval: City Clerk Amount Debit Credit $15,000.00 * $15,000.00 Date Date Date Description Division Number 7261 Transportation and Circulation Account Number C5100697 Avon Street Extension Division Number Account Number Division Number Account Number Division Number Account Number Division Number Account Number Signed: Signed: Signed Approval: Administraative Services Director City Manager City Council Approval: City Clerk Amount Debit Credit $15,000.00 * $15,000.00 Date Date Date