City Council

7.\nACCEPTANCE OF LENNAR HOMES IMPROVEMENTS AND RELEASE\nOF BONDS FOR TRACT 17331\nRECOMMENDED ACTION: 1. Accept as complete the tract improvements\nand monumentation constructed by Lennar Homes of California, Inc., A\nCalifornia Corporation, for Tract 17331. 2. Authorize the City Clerk to\nrelease the Subdivision Faithful Performance and Subdivision Labor and\nMaterials Bonds, both in the amount of $871,606 for the tract civil\nimprovements, the Subdivision Faithful Performance and Subdivision Labor\nand Materials Bonds both in the amount of $1,722,978.52 for the landscape\nand irrigation improvements for the Serrano Summit entry, the Subdivision\nFaithful Performance and Subdivision Labor and Materials Bonds, both in\nthe amount of $945,995.86 for the landscape and irrigation improvements\nfor the Backbone streets (Serrano Summit, Olympus, and Civic Center\nDrive) and the Subdivision Improvement Monumentation Bond in the\namount of $15,000. 3. Authorize the City Clerk to release the Subdivision\nImprovement Warranty Bonds for all three improvements in the amount of\n$354,058.45 one year after acceptance of the public improvements for\nTract 17331 with the concurrence of the Director of Public Works/City\nEngineer.