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Page 1 of 4 Item #15 CITY COUNCIL AGENDA REPORT December 19, 2023 Public Works - Engineering Division TITLE: ACCEPT SUBDIVISION IMPROVEMENTS CONSTRUCTED BY PONDEROSA HOMES II, INC., ASSOCIATED WITH TRACT 8259 AT 6900 VALLEY TRAILS DRIVE, AND AUTHORIZE RELEASE OF FINANCIAL SECURITIES SUMMARY City Council Resolution No. 17-932, adopted on May 2, 2017, approved Vesting Tentative Tract Map 8259, a subdivision of an approximate nine-acre parcel located at 6900 Valley Trails Drive. The subdivision created 36 single-family home lots, one private community center lot, two private open space parcels, and one parcel deeded to the City for a public restroom that adjoins Valley Trails Park. City Ordinance No. 2162 and PUD-13 were subsequently adopted on May 16, 2017, which rezoned the property and approved a development plan. A Subdivision Agreement associated with Tract 8259 between the City and subdivider, Ponderosa Homes II, Inc., governed the construction of subdivision improvements as guaranteed by financial securities held by the City in conformance with California law. Tract 8259 created Arches Way, Chesapeake Bay Court, and Salt River Bay Court (all public streets) and dedicated public service easements to the City across the street frontages and stormwater treatment facilities. A Stormwater Treatment Measures Inspection and Maintenance Agreement obligated the subdivider to operate the stormwater treatment facilities in perpetuity. The subdivider subsequently transferred these obligations to the Sycamore Homeowners Association. Now that the construction of the required subdivision improvements is complete, the subdivider has requested formal acceptance of the improvements governed by the Subdivision Agreement and the release of held financial securities. RECOMMENDATION 1. Accept the subdivision improvements constructed as part of Tract 8259, 90 calendar days after this action pursuant to California Government Code §66499.7. 2. Authorize the release of the Performance Bond and Labor and Materials Bond held as financial security each in the amount of $3,608,000 (Bond No. 929643345 by Continental Insurance Company), 90 calendar days after this action assuming no liens are filed. 3. Authorize the release of the Maintenance Bond in the amount of $360,800 (Bond No. 929643345(M) by Continental Insurance Company) held in conformance with Section 10 “Defects” of the Subdivision Agreement, two calendar years after this action assuming no latent defects are discovered. Page 215 of 270