Subject:
Title
Request for approval of 304 & 308 Adahi Road SE, Performance Bond Reduction Request.
Body
EXPLANATION AND SUMMARY:
BFR Construction has requested a performance bond reduction to a two-year maintenance bond for completed public improvements associated with the subdivision located at 304 & 308 Adahi Road SE. Public improvements are completed, inspected, and approved by the DPW engineer.
DPW recommends acceptance of improvements and reduction of the surety amount from the original $135,880.86 to $13,588, which will be held as a two-year maintenance bond.
Departmental Recommendation: Acceptance of improvements and approval of performance bond reduction.
Finance Recommendation: Recommend approval based upon completion.
Purchasing Recommendation: N/A
Town Attorney Recommendation: Upon recommendation from the Department of Public Works, Town Council may reduce the public improvements bond in its discretion.
Town Manager's Recommendation: I recommend the Town Council accept the 304 and 308 Adahi Road SE subdivision public improvements and approve reduction of the bond as presented.
Cost and Financing: N/A
Account Number: N/A
Decision Needed by This Date: N/A
PROPOSED/SUGGESTED MOTION
Recommended Action
"I move to accept the 304 & 308 Adahi Road SE subdivision public improvements and approve reduction of the bond to a two-year maintenance bond of $13,588."
Or
Other action deemed necessary by Council.