33015 Riviera Villas, LLC - OBR & Released BondsOUTSTANDING BOND REPORT
Tract Number:
Development:
Developer/Owner:
33015 (Formerly 29125)
The Laurels
Riviera Villas, LLC
Bond Company: American Contractors Indemnity Company
1081 Camino Del Rio, South #1070
San Diego, CA 92108
Attn: Carla M. Allen
Outstanding / Released Bonds:
Bond Type
Bond No.
Amount:
Date Replaced or Released
Performance
831764S
$270,640
Replaced w/ Rider 03/29/2004
203400
$270,640
Labor & Material
831764S
$
Replaced w/ Rider 03/29/2004
203400
$205,688
WAR v
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P.O. Box 1504
78-495 CALLS TAMPICO
LA QUINTA, CALIFORNIA 92253
March 29, 2004
John Rainaldi
Riviera Villas, LLC
1651 East Fourth Street Suite 228
Santa Ana, CA. 92701
Re: Tract 29125
Dear Mr. Rainaldi:
(760) 7 7 7 - 7 0 0 0
FAX (760) 777-7101
Per authorization from the Public Works Department, the City Clerk's Office has
received replacement bonds for Tract 29125 and hereby releases the following:
Performance Bond 831764S in the amount of $270,640
Labor & Material Bond 831764S in the amount of $205,688
If you have any questions, please call me at (760) 777-7010.
Sincerely,
PHYLLIS MANLEY, Depu i y Clerk
City of La Quinta, California
cc: Developers Surety & Indemnity Company
Anthony Colarossi, Assistant Engineer I
File
Exhibit A
Security - Tract 29125
Except as otherwise provided herein, Subdivider shall furnish performance security and labor & materials security prior
to agendization of the Map for approval by the City Council.
Improvements designated as "Participatory" have been or will be constructed by others and consists of infrastructure
improvements located around the perimeter of the PGA West Specific Plan area required by the Specific Plan
including: street, landscaped median, water, sewer, electric power, storm drain, perimeter landscaping, and perimeter
sound attenuation wall installed after January 1992. Subdivider will not be held responsible for participatory
improvements other than cost participation as outlined in the Conditions of Approval and herein.
Monumentation security shall guarantee performance of or payment for the work and shall be utilized or released as
specified in Chapter 4, Article 9 of the Subdivision Map Act.
As elements of the work are completed, Subdivider may request a maximum of two partial releases of performance
security. Partial releases shall be for not less than ten percent (10%) of the total performance security for the tract and
shall not reduce total performance security below the amount necessary to complete the Improvements plus ten
percent (10%) of the original amount. Partial releases of performance security will be evaluated and may be granted,
in whole or in part, by the City Engineer. Requests for partial releases, setting forth in detail the amount of work
completed and the value thereof, shall be made in writing to the City Engineer.
Labor & materials security shall remain in place until 90 days after all required tract improvements are complete and
accepted by the City Council.
Improvement Description
Performance
Labor & Materials
Streets Improvements
48,778
48,778
Grading
43,950
43,950
Site Perimeter Wall'
32,000
32,000
Domestic Water
66,700
66,700
Sanitation Sewer
14,260
14,260
Monumentation
51000
0
Construction Subtotal:
$210,688
$205,688
Contingency (25% of Project)
59,952
TOTAL:
270,640
Offsite Participatory Improvements 2.
.__( $29,120
This improvement item shall be constructed/installed within six (6) months after recordation of the Tract
Map.
This improvement item will be paid in cash, to the City for redistribution to the party who constructs the
offsite improvements, prior to final acceptance of the tract improvements. The actual amount will not
exceed $29,120 ($16,000/gross acre subdivided), but may be reduced to a lower amount if actual costs
cur#i=-_a lower participation amount.
T,vf 4 4Q"
MEMORANDUM
To: June S. Greek, City Clerk
From: Brian A. Ching, Associate Engineer
VIA: Steve Speer, Assistant City Engineer
Date: March 31, 2004
Re: Replacement and Reduction of Bonds, The Laurels at PGA West,
Tract No. 29125, Riviera Villas, LLC
At the March 16, 2004 meeting, the City Council approved an Assignment and
Assumption Agreement and Amended Subdivision Improvement Agreement for the
abovementioned Tract No. 29125. The Assignment and Assumption Agreement was
entered upon by the previous owner (Riviera Villas, LLC), the new owner (Riviera Villas,
LLC) and the City of La Quinta which in essence exonerated the previous owner of all
obligation and rights including approved Subdivision Improvement Agreement (SIA).
The approved Amended Subdivision Improvement Agreement (ASIA) now obligates
Riviera Villas, LLC to bond for Improvement.
Pursuant to Chapter 13.28.050 of the Municipal Code, please complete the replacement
and acceptance of bonds as shown below.
Bond Number to
be Released
Original
Amount
Description
831764S
$270,640
Performance Bond
831764S
$205,688
Labor and Material Bond
Replacement
Bond Number
Replacement
Bond Amount
Description
203400
$270,640
Performance Bond
203400
$205,688
1 Labor and Material Bond
Cc: John Freeland, Senior Engineer
Project File I, Tract No. 29125
Reduction of Bonds
�Tmlg INSCO INSURANCE SERVICES, INC.
c� insc��o Underwriting Manager for:
�qO�p Developers Surety and Indemnity Company
Indemnity Company of California
17780 Fitch, Suite 200 - Irvine, California 92614 - (949) 263-3300
SUBDIVISION IMPROVEMENTS
PERFORMANCE BOND
BOND NO. 831764S
$ 5,413.00 premium is for
a term of TWO year(s)
KNOW ALL MEN BY THESE PRESENTS:
That we, GREENEWAY DEVELOPMENT, INC. , as Principal,
and DEVELOPERS SURETY AND INDEMNITY COMPANY , a corporation organized and doing business
under and by virtue of the laws of the State of IOWA and duly licensed
to conduct a general surety business in the State of California as Surety, are held and firmly bound unto the CITY OF LA
QUINTA. CA as Obligee, in the penal sum of TWO HUNDRED SEVENTY THOUSAND SIX HUNDRED FORTY
ANDNO/100--------------------------------------------------------------------------------------------------------------------------- ---------------------------------------
($ 270,640.00 ) Dollars, for which payment, 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 THE OBLIGATION IS SUCH THAT:
Whereas the Obligee and Principal have entered into an agreement whereby Principal agrees to install and complete certain
designated public improvements, which agreement, identified as TRACT 29125 ON BEHALF OF RIVIERA VILLAS LLC
, 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, the condition of this obligation is such that is the above bounden principal, his or its heirs, executors,
administrators, successor or assigns, shall in all things stand to and abide by, 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 obligee, 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 penal sum specified therefor, there shall be included costs
and reasonable expenses and fees, including reasonable attorney's fees, incurred by Obligee in successfully enforcing such
obligation, all to be taxed as costs and included in any judgement 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 thereunder or the specifications accompanying the same shall in anywise 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 JULY 2, 2001.
PRINCIPAL: GREENEWAY D LOPMENT, INC.
SURETY: DEVELOPERS SURETY & INDEMNITY COMPANY
W. W. JELKS Attorney -in -Fact
ID-1092 (CA) Subdivision Performance Bond (REV. 1/01)
4MF. INSCO INSURANCE SERVICES, INC.
c� insc��o Underwriting Manager for:
�pO�p Developers Surety and Indemnity Company
Indemnity Company of California
17780 Fitch, Suite 200 • Irvine, California 92614 • (949) 263-3300
SUBDIVISION IMPROVEMENTS
LABOR AND MATERIAL BOND
BOND NO. 831764S
PREMIUM INCLUDED IN
PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS:
That we, GREENEWAY DEVELOPMENT, INC. , as Principal,
and DEVELOPERS SURETY AND INDEMNITY COMPANY , a corporation organized and doing business
under and by virtue of the laws of the State of IOWA and duly licensed
to conduct a general surety business in the State of California as Surety, are held and firmly bound unto the CITY OF LA QUINTA, CA
as Obligee, in the penal sum of TWO HUNDRED FIVE THOUSAND SIX
HUNDRED EIGHTY-EIGHT AND NO/1 00 ----------- — -----------------------------------------------------------------
205,688.00 ) DOLLARS,
for which payment, well and truly to be made, we bind ourselves, our heirs, executors and successors, jointly and severally firmly by these
presents.
THE CONDITION OF THE OBLIGATION IS SUCH THAT:
Whereas, the above -named Principal, has entered into an agreement which is made a part of this bond, with the CITY OF LA
QUINTA , State of California, as Obligee, for the designated public
improvements in the subdivision identified as TRACT # 29125, ON BEHALF OF RIVIERA VILLAS LLC
, as required by the Government Code of California.
Whereas, under the terms of said agreement, principal is required before entering upon the performance of the work, to file a good and
sufficient payment bond with the CITY OF LA QUINTA, CA to secure the claims
to which reference is made in Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code of the State of California.
Now, therefore, said principal and the undersigned, as surety, are held firmly bound unto the CITY OF LA QUINTA, CA
and all contractors, subcontractors, laborers, materialmen and other persons
employed in the performance of the aforesaid agreement and referred to in the aforesaid Code of Civil Procedure for material furnished or labor
thereon of any kind, or for amounts due under the Unemployment Insurance Act with respect to such work or labor, that said surety will pay
the same in an amount not exceeding the penal sum hereinabove set forth, and also in case suit is brought upon this bond, will pay, in addition
to the penal sum thereof, costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by CITY OF LA QUINTA
in successfully enforcing such obligation, to be awarded and fixed by the court,
and to be taxed as costs and to be included in the judgement therein rendered.
It is hereby expressly stipulated and agreed that this bond shall inure to the benefit of any and all persons, companies and corporations
entitled to file claims under Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code, so as to give right of action to
them or their assigns in any suit brought upon this bond.
Should the condition of this bond be fully performed, then this obligation shall become null and void, otherwise it shall be and remain
in full force and effect.
The surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of said agreement 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, alteration or addition.
In witness whereof, this instrument has been duly executed by the principal and surety above named, on JULY 2, 2001.
PRINCIPAL: GREEN AY DEV OPMENT, INC.
GIZ L6 of ^,e-p— &re -?A 4 ► 'Pee-5
10-1093 (CA) Subdivision Labor and Material Bond (REV.1101)
SURETY: DEVELOPERS SURETY & INDEMNITY COMPANY
x &
W. W. JELKS 4V Attorney -in -Fact