City Council

5. REDUCTION OF SURETY BONDS, TRACT 16595 – ESTANCIA (TOLL BROTHERS)\nRecommendation:\nIt is recommended that the City Council authorize the City Clerk to: 1.) Accept Grading\nImprovements on Tract 16595, release 90 percent of the Grading Bond, and retain 10 percent\nof the original amount for a one-year warranty period; and 2.) Accept Off-site Improvements on\nTract 16595, release 90 percent of the Faithful Performance and Labor and Materials Off-site\nImprovements Bonds, and retain 10 percent of the original amount for a one-year warranty\nperiod; and 3.) Reduce the On-site Improvements Faithful Performance and Labor & Materials\nBonds by 60 percent of the original amount; and 4.) Reduce the Monumentation Bond by 75\npercent of the original amount; and 5.) Release, in one year (April 18, 2024), if no liens have\nbeen filed, the remaining 10 percent of the Grading and Off-site Improvements Bonds.