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33085 ABTS Polo Villas, LLC - OBR & Released BondOUTSTANDING BOND REPORT Tract Number: 33085 Development: Polo Villas Developer/Owner: ABTS Polo Villas, LLC (Prev. Build to Stay & Desert Polo Land Co.) Bond Company: Arch Insurance Company Harborside 3 210 Hudson Street STE 300 Jersey City, NJ 07311 Attn: Jeremy Crawford Outstanding / Released Bonds: Bond Type Bond No. Amount: Date Replaced or Released Performance SU1191606 $434,481 Released on 08/08/2024 City of La Quinta CITY COUNCIL MEETING: August 6, 2024 STAFF REPORT AGENDA TITLE: ACCEPT ON-SITE IMPROVEMENTS ASSOCIATED WITH THE POLO VILLAS RESIDENTIAL DEVELOPMENT, TRACT MAP NO. 33085, LOCATED WEST OF MADISON STREET BETWEEN AVENUES 50 AND 52 RECOMMENDATION Accept the on-site improvements associated with Polo Villas residential development, Tract Map No. 33085, and authorize staff to release performance securities. EXECUTIVE SUMMARY •Polo Villas is a residential project located west of Madison Street between Avenues 50 and 52 (Attachment 1). •The developer has requested release of the performance securities. •Since all on-site improvements have been completed, staff recommends acceptance and release of the performance securities. FISCAL IMPACT – None. BACKGROUND/ANALYSIS The developer has completed all on-site improvements required by Tract Map No. 33085. The improvements include pavement, curb and gutter, signing and striping, driveways, water and sewer improvements, dry utilities, storm drain improvements and landscaping. Staff inspected the on-site improvements and verified they meet City-approved plans and standards. ALTERNATIVES Accepting improvements is a ministerial action necessary for the release of improvement securities. Since the improvements have been inspected and meet City standards, staff does not recommend an alternative action. Prepared by: Amy Yu, Associate Engineer Approved by: Bryan McKinney, P.E., Public Works Director/City Engineer Attachment: 1. Vicinity Map CO NS ENT CALENDAR ITEM NO. 3 17 V I C I N I T Y M A P NOT TO SCALE ATTACHMENT 1 TRACT map no. 33085 18 MEMORANDUM Date: August 8, 2024 To: Monika Radeva, City Clerk Via: Bryan McKinney, P.E., Public Works Director / City Engineer From: Amy Yu, Associate Engineer Re: TM 33085, Polo Villas, Bond Release for On-Site Improvements Please release the following performance bonds held in your files for the above referenced tract. The on-site improvements were accepted by City Council on August 6, 2024. The bond amounts and the address to the developer and surety company are as follows: Bond Description Bond No.Bond Amount Performance SU1191606 $434,481 Tract Map No. 33085 Developer: ABTS Polo Villas, LLC 2425 S. Stearman Dr. Chandler, AZ 85286 Surety Company: Arch Insurance Company Harborside 3 210 Hudson Street, Ste 300 Jersey City, NJ 07311 Attn: Jeremy Crawford If you have any questions, please contact me at extension 7047. Thank You. August 8, 2024 ABTS Polo Villas, LLC 2425 S. Stearman Dr Chandler, AZ 85286 RE: TRACT MAP 33085 POLO VILLAS – RELEASE OF BOND Hello, Per authorization of the City of La Quinta Public Works Department, the City Clerk’s Office has hereby released the following bond and notified Arch Insurance Company on 8/08/2024. Bond Number Bond Amount Bond Type SU1191606 $434,481 Performance The original paper bonds are enclosed. Please do not hesitate to contact me should you have any questions. Sincerely, Monika Radeva, City Clerk Email: MRadeva@LaQuintaCA.gov Tel: (760) 777 - 7035 August 8, 2023 Arch Insurance Company Harborside 3 210 Hudson Street, Ste 300 Jersey City, NJ 07311 Attn: Jeremy Crawford RE: TRACT MAP 33085 POLO VILLAS – RELEASE OF BOND Dear Mr. Crawford, Per authorization of the City of La Quinta Public Works Department, the City Clerk’s Office hereby releases the following bond: Bond Number Bond Amount Bond Type SU1191606 $434,481 Performance A copy of the bond being released is enclosed for your reference. ABTS Polo Villas, LLC the developer, was also notified of the above bonds release on 08/08/2024. Please do not hesitate to contact me should you have any questions. Sincerely, Monika Radeva, City Clerk Email: MRadeva@LaQuintaCA.gov Tel: (760) 777 - 7035 Bond No: SU1191606 SUBDIVISION IMPROVEMENTS Tract Map No. 33085 PERFORMANCE BOND KNOW ALL MEN BY THESE PRESENTS: THAT, the City Council of the City of La Quinta has approved the final map for Tract Map No. 33085 prior to installation of certain designated public improvements required by the Conditions of Approval for the subject map, in accordance with the California Map Act (Government Code Section 66462) WHEREAS, the City Council of the City of La Quinta, State of California, and ABTS Polo Villas, LLC hereinafter designated as ("principal") have entered into an agreement whereby principal agrees to install and complete certain designated public improvements, which said agreement, dated July 20th, 2023, and identified as Tract Map No33085 is hereby referred to and made a part hereof; and WHEREAS, said principal is required under the terms of said agreement to furnish a bond for the faithful performance of said agreement. NOW, THEREFORE, we, the principal and Arch Insurance Company , as surety, are held and firmly bound unto the City of La Quinta hereinafter called ("City"), in the penal sum of Four Hundred Thirty Four Thousand Four Hundred Eight One and 00/100 DOLLARS ($ 434,481.00 ) lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, successors, executors and administrators, jointly and severally, firmly by these presents. The condition of this obligation is such that if the above bounded principal, his or its heirs, executors, administrators, successors or assigns, shall in all things stand to and abide by, and well and truly keep and perform the covenants, conditions and provisions in the said agreement and any alteration thereof made as therein provided, on his or their part, to be kept and performed at the time and in the manner therein specified, and in all respects according to their true intent and meaning, and shall indemnify and save harmless the City, its officers, agents and employees, as therein stipulated, then this obligation shall become null and void; otherwise it shall be and remain in full force and effect. As a part of the obligation secured hereby and in addition to the face amount specified therefore, there shall be included costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by City in successfully enforcing such obligation, all to be taxed as costs and included in any judgment rendered. The surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the agreement or to the work to be performed hereunder or the specifications accompanying the same shall in any manner affect its obligations on this bond, and it does hereby waive notice of any such change, extension of time, alteration or addition to the terms of the agreement or to the work or to the specifications. In witness whereof, this instrument has been duly executed by the principal and surety above named, on February 24th 2023. (Seal) K „ ESTINE CAMPSEL CELL Notary Public • Arizona li (�.Cr, ~' Maricopa County 1 Commission # 599744 4 My Comm. Expires Mar 10, 2025 11 (Seal) ABTS Polo Villas, LLC Principal Signature of Principal Jerry Coleman, Manager Title of Signatory Arch Insurance Company Surety Signatu Jeremy Crawford, Attorney -In -Fact Title of Signatory Harborside 3, 210 Hudson Street STE 300 JERSEY CITY, NJ 07311 Address of Surety (201) 743-4000 Phone # of Surety Jeremy Crawford Contact Person For Surety 43956 This Power of Attorney limits the acts of those named herein, and they have no authority to bind the Company except in the manner and to the extent herein stated. Not valid for Note, Loan, Letter of Credit, Currency Rate, Interest Rate or Residential Value Guarantees. POWER OF ATTORNEY Know All Persons By These Presents: That the Arch Insurance Company, a corporation organized and existing under the laws of the State of Missouri, having its principal administrative office in Jersey City, New Jersey (hereinafter referred to as the "Company") does hereby appoint: Allison Lemke, Brad Quiri and Jeremy Crawford of Golden Valley, MN (EACH) its true and lawful Attorney(s)in-Fact, to make, execute, seal, and deliver from the date of issuance of this power for and on its behalf as surety, and as its act and deed: Any and all bonds, undertakings, recognizances and other surety obligations, in the penal sum not exceeding One Hundred Filly Million Dollars I $150 000 000,1101. This authority does not permit the same obligation to be split into two or more bonds In order to bring each such bond within the dollar limit of authority as set forth herein. The execution of such bonds, undertakings, recognizances and other surety obligations in pursuance of these presents shall be as binding upon the said Company as fully and amply to all intents and purposes, as if the same had been duly executed and acknowledged by its regularly elected officers at its principal administrative office in Jersey City, New Jersey. This Power of Attorney is executed by authority of resolutions adopted by unanimous consent of the Board of Directors of the Company on August 31, 2022, true and accurate copies of which are hereinafter set forth and are hereby certified to by the undersigned Secretary as being in full force and effect: "VOTED, That the Chairman of the Board, the President, or the Executive Vice President, or any Senior Vice President, of the Surety Business Division, or their appointees designated in writing and filed with the Secretary, or the Secretary shall have the power and authority to appoint agents and attorneys -in -fact, and to authorize them subject to the limitations set forth in their respective powers of attorney, to execute on behalf of the Company, and attach the seal of the Company thereto, bonds, undertakings, recognizances and other surety obligations obligatory in the nature thereof, and any such officers of the Company may appoint agents for acceptance of process." This Power of Attorney is signed, sealed and certified by facsimile under and by authority of the following resolution adopted by the unanimous consent of the Board of Directors of the Company on August 31, 2022: VOTED, That the signature of the Chairman of the Board, the President, or the Executive Vice President, or any Senior Vice President, of the Surety Business Division, or their appointees designated in writing and filed with the Secretary, and the signature of the Secretary, the seal of the Company, and certifications by the Secretary, may be affixed by facsimile on any power of attorney or bond executed pursuant to the resolution adopted by the Board of Directors on August 31, 2022, and any such power so executed, sealed and certified with respect to any bond or undertaking to which it is attached, shall continue to be valid and binding upon the Company. In Testimony Whereof, the Company has caused this instrument to be signed and its corporate seal to be affixed by their authorized officers, this 3rd day of January, 2023. Attested and Certified 4, V E *91,-- RegarK Shulman, Secretary STATE OF PENNSYLVANIA SS COUNTY OF I'HILADELPHIA SS Arch Insurance Company 71/64/,,, Stephen C. Ruschak, Executive Vice President I, Michele Tripodi, a Notary Public, do hereby certify that Regan A. Shulman and Stephen C. Ruschak personally known to me to be the same persons whose names are respectively as Secretary and Executive Vice President of the Arch Insurance Company, a Corporation organized and existing under the laws of the State of Missouri, subscribed to the foregoing instrument, appeared before me this day in person and severally acknowledged that they being thereunto duly authorized signed, sealed with the corporate seal and delivered the said instrument as the free and voluntary act of said corporation and as their own free and voluntary acts for the uses and purposes therein set forth. [mnmarwraith 01 Pnle • I+uWySea hJCHEIP TR)POOt001, Nvtnry Pent Pltllade11ht3 County My Ccmmluion Expires My 51, 2D2S Caavalttlan Number 116B61? CERTIFICATION I, Regan A. Shulman, Secretary of the Arch Insurance Company, do hereby certify that the attached Power of Attorney dated January 3. 2023 on behalf of the person(s) as listed above is a true and correct copy and that the same has been in full force and effect since the date thereof and is in full force and effect on the date of this certificate; and I do further certify that the said Stephen C. Ruschak, who executed the Power of Attorney as Executive Vice President, was on the date of execution of the attached Power of Attorney the duly elected Executive Vice President of the Arch Insurance Company. IN TESTIMONY WHEREOF, I have hereunto subscribed my name and affixed the corporate seal of the Arch Insurance Company on this 24Ci day of FemuarY 20 23 Mid le llcipodi, Now f Publie My commission expires 07/31/2025 Res‘A. A. Shulman, Secretary This Power of Attorney limits the acts of those named therein to the bonds and undertakings specifically named therein and they have no aulharity to bind the Company except in the manner and to the extent herein stated. PLEASE SEND ALL CLAIM INQUIRIES RELATING TO THIS BOND TO THE FOLLOWING ADDRESS: Arch Insurance — Surety Division 3 Parkway, Suite 1500 Philadelphia, 1'A 19102 A . To verify the authenticity of this Power of Attorney, please contact Arch Insurance Company at SureWAuthentic@archinsurance.com Please refer to the above named Attorney -in -Fact and the details of the bond to which the power is attached. AICPOA040120 Printed in U.S.A.