HomeMy WebLinkAbout16-142 - Resolutions RESOLUTION NO. 16-142
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, APPROVING THE
REDUCTION IN FAITHFUL PERFORMANCE BOND FOR
TRACT 18122 FRONTAGE PUBLIC IMPROVEMENTS AND
RELEASING PREVIOUSLY SUBMITTED FAITHFUL
PERFORMANCE BOND ACCEPTED BY THE CITY COUNCIL
ON APRIL 16, 2014
WHEREAS, The City Council of the City of Rancho Cucamonga, California, previously
approved an Improvement Agreement guaranteed by acceptable Improvement Securities by KB
Home Coastal, Inc., as Developer, for the improvement of public right-of-way adjacent to the real
property described therein, and generally located at the east side of East Avenue, north of the
Foothill Freeway (SR-210) and release of previously submitted Faithful Performance Bond; and
WHEREAS, the installation of frontage public improvements, described in said
Improvement Agreement and subject to the terms thereof, has been partially completed, in
conjunction with the development of said real property referred to as Tract 18122; and
WHEREAS, said Developer submits for approval a request for bond reduction of the
Faithful Performance Bond, to reflect the remaining work to be completed; and
NOW THEREFORE, the City Council of the City of Rancho Cucamonga hereby resolves
that said request for bond reduction of the Faithful Performance Bond submitted by said developer
be and the same are hereby approved and the previously submitted Faithful Performance Bond
is released and the City Clerk is hereby authorized to accept on behalf of the City the bond
reduction.
Resolution No. 16-142 — Page 1 of 2
PASSED, APPROVED, AND ADOPTED this 7th day of September 2016.
AYES: Alexander, Kennedy, Michael, Spagnolo, Williams
NOES: None
ABSENT: None
ABSTAINED: None
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ATTEST:
ice C. Reynolds, Ci Clerk
I, JANICE C. REYNOLDS, CITY CLERK of the City of Rancho Cucamonga,
California, do hereby certify that the foregoing Resolution was duly passed, approved and
adopted by the City Council of the City of Rancho Cucamonga, California, at a Regular
Meeting of said City Council held on the 7th day of September 2016.
Executed this 8'h day of September 2016, at Rancho Cucamonga, California.
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Janice C. ReynoC s, City Clerk
Resolution No. 16-142 — Page 2 of 2