R 4085RESOLUTION NO. 4085
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ARROYO GRANDE REDUCING THE FAITHFUL
PERFORMANCE. AND LABOR AND MATERIALS.
SECURITIES FOR TRACT 2310-II, PARKSIDE, .APPLIED
FOR BY S&S HOMES OF THE CENTRAL COAST
WHEREAS, On April 25, 2006 the City Council approved the final map for Tract 2310-II
located north of Farroll Avenue, South of Soto Sports Complex, east of Dixson Street,
and west of Golden West Place, on April 25, 2006; and,
WHEREAS, the project was conditioned to provide Faithful Performance and Labor and
Materials securities; and.
WHEREAS, the improvements guaranteed by said securities are substantially
complete; and
WHEREAS, Government Code Section 66499.7 allows for the partial release of
securities; and
WHEREAS, the developer has requested the Faithful Performance and Labor and
Materials security be reduced to 30% of the original amount.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Arroyo
Grande does hereby reduce the amount of required securities as follows:
1. Faithful Performance Bond No. 2173382 to be reduced from
$1,721,963.11 to $516,600.00; and,
2. Labor and Materials Bond No. 2173382 to be reduced from $860,981.56
to $258,300.00.
On motion of Council Member Guthrie, seconded by Council Member Arnold, and by
the following roll call vote, to wit:.
AYES: Council Members Guthrie, Arnold, Costello, Fellows, and Mayor Ferrara
NOES: None
ABSENT: .None
the foregoing Resolution was passed and adopted this 27~' day of May 2008.
RESOLUTION NO. 'S~~S
PAGE 2
TON R AYOR
ATTEST:
~UL~o
KELLY W T RE, CITY CLERK
APPROVED AS TO CONTENT:
~~~~~-
S~f -VEN AD S, CITY MANAGER
APPROVED AS TO FORM:
~-
TI HY ARMEL, CITY ATTORNEY
OFFICIAL CERTIFICATION
1, KELLY WETMORE, City Clerk of the City of Arroyo Grande, County of San Luis
Obispo, State of California, do hereby certify under penalty of perjury, that the attached
Resolution No. 4085 is a true, full, and correct .copy of said Resolution passed and
adopted at a regular meeting of the City Council of the City of Arroyo Grande on the 27~n
day of May 2008.
WITNESS my hand and the Seal of the City of Arroyo Grande affixed this 28"' day of
May 2008.
KELLY ET RE, CITY CLERK