City Council

9. Reduction of Bonds, Tract Map No. 83353 (Verdana). La Verne 58, LLC (Brandywine\nHomes), the developer of Verdana (Tract Map No. 83353), a 50 unit three-story interlocking\ntownhome project located on Fruit Street between Foothill Boulevard and Amherst Street, has\ncompleted the project and has requested to reduce bonds that were established with the\napproval of the final map for the project on June 6, 2022.\nRecommendation: That the City Council:\n1. Authorize the reduction of the bond amounts for the Performance Bond and the Labor &\nMaterials Bond to approximately 10% of each original bond value and fully release the\nSurvey Monument Bond.\n2. Authorize the City Staff to release the remaining portions of the bonds' value one year\nafter this date.