Title
Approve the release of a Warranty Security held by the Hanover Insurance Company, Maintenance Bond No. 1053486 in the amount of $354,220 for the completed channel improvements known as the Bryant Canyon Channel Improvement Project, against any defective work or labor done or defective materials furnished.
Report
RECOMMENDATION:
It is recommended that the Monterey County Water Resources Agency Board of Supervisors:
Approve the release of a Warranty Security held by the Hanover Insurance Company, Maintenance Bond No. 1053486 in the amount of $354,220 for the completed channel improvements known as the Bryant Canyon Channel Improvement Project, against any defective work or labor done or defective materials furnished.
SUMMARY/DISCUSSION:
The Board of Supervisors of the Monterey County Water Resources Agency accepted the improvements of the completed Bryant Canyon Channel Improvement Project from the developer in accordance with the approved Subdivision Improvement Agreement and Final Improvement Plans, and Notice of Completion on December 14, 2017.
A Warranty Bond was filed by UCP SOLEDAD with the MCWRA in the amount of 20% ($354,220) of the estimated cost of the improvements to the Bryant Canyon Channel. The Warrant Bond was filed to guarantee the work done pursuant to the Subdivision Improvement Agreement for a period of one year following the completion and acceptance by MCWRA against any defective work or labor done, or defective materials furnished. Various inspections and monitoring has occurred during construction and no defective work has been observed. Staff recommends the release of the Warranty Bond now that one year has elapsed.
OTHER AGENCY INVOLVEMENT:
None
FINANCING:
No cost associated with this action.
Prepared by: Shaunna Murray, Associate Water Resources Engineer, (831) 755-4860
Approved by: _____________________________________________________
David E. Chardavoyne, General Manager, (831) 755-4860
Attachments:
1. Subdivision Improvement Agreement