City Council

6. TRACT MAP NO. 83354 BOND REDUCTION - La Verne 58 LLC, the developer of 1874\nWalnut Street, an eight-unit single family subdivision located southwest of the intersection of\nWalnut Street and “B” Street, has requested the reduction of their Performance Bond, Labor\nand Materials Bond and full release of the project Monumentation Bond.\nRECOMMENDATION: That the City Council authorize the release in full value of the project\nMonumentation Bond and a reduction of the Performance Bond and Labor and Materials Bond\nto approximately 10% of their original respective value and to hold those bonds for a period of\none year from this date.