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