TO: LINDA REICH, CITY MANAGER
FROM: HYE JIN LEE, PE, DIRECTOR OF PUBLIC WORKS
SUBJECT
title
Final Acceptance of Public Improvements - Tract Map No. 18903 (Meritage Homes of California, Inc.).
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RECOMMENDATION
recommendation
1) Appropriate $1,178,914 to the Storm Drain Fund with a corresponding year-end transfer from the Citywide Storm Drain Development Impact Fee Fund (Fund 255), in the same amount; 2) accept public improvements as complete for Tract Map No. 18903; 3) authorize the release of the performance bond and initiate the warranty bond; 4) approve an immediate reimbursement to Meritage Homes of California, Inc. in the amount of $1,178,914 for the construction of Storm Drain Line 43-1, thus, fulfilling the terms of the Construction Credit/Reimbursement Agreement No. 2020-136; and 5) authorize the City Manager to execute the necessary documents on behalf of the City.
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FISCAL IMPACT
Requires an appropriation of $1,178,914 to the Strom Drain Fund with a corresponding year-end transfer from the Storm Drain Development Impact Fee Fund 255, in the same amount. There is sufficient fund balance in Fund 255 for this transaction. Additionally, there are sufficient funds included in the City's Operating Budget to support the ongoing maintenance activities related to the public improvements being accepted.
CITY OF CHINO MISSION / VISION / VALUES / STRATEGIC ISSUES
The recommendation detailed above further the City's values and strategic issues that serve as key pillars on which identified priorities, goals, and action plans are built, by fostering:
* Positive City Image
* Responsible Long-Range Planning
Revenue:
Expenditure: 5407360-43640
Transfer In: 5401000-50002
Transfer Out: 2551000-40002
BACKGROUND
Meritage Homes of California, Inc. ("Meritage") submitted its application to the City to subdivide 12.04 acres into 38 single-family lots within the Residential, 4.5 dwelling units/acre land-use designation. This development is generally loc...
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