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CC - Item 4F - Release of Certificate of Deposit Parcel Map 65274ROSEMEAD CITY COUNCIL STAFF REPORT TO: THE HONORABLE MAYOR AND CITY FROM: JEFF STEWART, INTERIM CITY MANAGER DATE: MAY 12, 2009 SUBJECT: RELEASE OF CERTIFICATE OF DEPOSIT'- PARCEL MAP 65274 (8958 WHITMORE AVENUE) A Faithful Performance Bond and a Labor and Material Bond were required to guarantee construction of new curb and gutter, sidewalk, driveways, parkway drains, sewer laterals, plant a parkway tree, and install survey monuments for Parcel Map 65274. In lieu of bonds, a Certificate of Deposit was issued to the City in the amount of $12,900. Staff Recommendation Staff recommends that the City Council accept the public improvements and survey monuments and authorize the release of the Certificate of Deposit including interest. ANALYSIS In accordance with the Conditions of Approval for Tentative Parcel Map No. 65274 approved by the Rosemead Planning Commission, the subdivider is required to construct new curb and gutter, sidewalk, driveways, parkway drains, sewer laterals, plant a parkway tree, and install survey monuments subsequent to recordation of the parcel map. On June 26, 2007, the subdivider executed an Undertaking Agreement to guarantee completion of the public improvements within two years. In lieu of providing a Faithful Performance Bond and Labor and Material Bond, the subdivider provided a Certificate of Deposit in the amount of $12,900. The City Engineer has inspected the public improvements and survey monuments and found them to be satisfactory. PUBLIC NOTICE PROCESS This item has been noticed through the regular agenda notification process. Prepared by: Lucien J. LeBlanc, P.E. City Engineer Su i ed by: Chris Marcarello Deputy Director of Public Works Attachment A: Undertaking Agreement APPROVED FOR CITY COUNCIL AGENDA: CITY OF ROSEMEAD UNDERTAKING AGREEMENT THIS AGREEMENT made and entered this 6th day of JUNE , 2007, by and between the CITY OF ROSEMEAD, State of California, acting by and through its City Council, hereinafter referred to as "CITY" and CHAU BICH LAM (NAME) 2227 N. STI hereinafter called the "CONTRACTOR." WITNESSETH: FIRST: The CONTRACTOR, for and in consideration of the approval of the final map of that certain land division known as Parcel Map 65274 hereby agrees, at the CONTRACTOR'S own cost and expense to furnish all labor, materials, and equipment necessary to perform and complete, and within twenty-four (24) months from the date of filing of said map, to perform and complete in a good and timely manner, the following work, to wit: Construct curb and gutter, sidewalk, driveways, parkway drains and sewer laterals; plant parkway trees; and install survey monuments. Said work shall be done to the satisfaction of the City Engineer and shall not be deemed complete until approved and accepted as completed by the City Council of the CITY. The estimated cost to do all work and furnish all materials necessary to complete the work is $8,600. SECOND: The CITY shall not nor shall any officer or employee thereof, be liable or responsible for any accident, loss, or damage happening or occurring to the work specified in this agreement prior to the completion and approval of same; nor shall the CITY, nor any officer or employee thereof, be liable for any persons or property injured by reason of the nature of said work, or by reason of the acts or omissions of the CONTRACTOR, his agents, or employees, in performances of said work. All of said liabilities shall be assumed by the CONTRACTOR. The CONTRACTOR further agrees to protect and hold harmless the CITY, its officers, and employees, in performance of said work. All of said liabilities shall be assumed by the CONTRACTOR. The CONTRACTOR further agrees to protect and hold harmless the CITY, its officers, and employees, from any and all claims, demands, causes of action, liability, or loss of any sort because of, or arising out of, the acts or omissions of the CONTRACTOR, his agents, and employees, in the performance of this agreement, or arising out of the use of any patent or patented article, in the performance of said agreement. THIRD: The CONTRACTOR hereby grants to the CITY, the Surety upon any Bond, and to the agents, employees, and CONTRACTOR or either of them, the irrevocable permission to enter upon the lands of the subject land division for the purpose of completing the work. This permission shall terminate in the event that the CONTRACTOR or the Surety has completed the work within the time specified or any extension thereof granted by the City Council. FOURTH: It is further agreed that the CONTRACTOR shall have the control of the ground reserved for the installation of said work, and the streets in which they are to be placed, as is necessary to allow him to carry out this agreement. FIFTH: Contemporaneously with the execution of this Agreement, CONTRACTOR shall file with the CITY a Time Certificate of Deposit in the amount of Twelve Thousand Nine Hundred Dollars ($12,900) to guarantee faithful performance of all the provisions of this agreement and for the payment of all persons performing labor and furnishings materials in connection with this agreement. If the Time Certificate of Deposit, in the opinion of the CITY, becomes insufficient, CONTRACTOR agrees to renew said Time Certificate of Deposit within ten days of receiving notice that Time Certificate of Deposit is insufficient. SIXTH: If the CONTRACTOR neglects, refuses, or fails to prosecute the work with such diligence as to ensure its completion within the time specified, or within such extensions of said time as have been granted by the City Council, or if the CONTRACTOR violates or neglects, refuses, or fails to perform satisfactorily any of the provisions of the plans and specifications, he shall be in default of this agreement and notice in writing of such default shall be served upon him and upon any Surety in connection with this contract. The City Council shall have the power, on recommendation of the City Engineer, to terminate all rights of the CONTRACTOR or his Surety then existing or which thereafter occur because of such default. The determination by the City Engineer of the question as to whether any of the terms of the contract or specifications have been violated, or have not been performed satisfactorily, shall be conclusive upon the CONTRACTOR, his Surety, and any and all other parties who may have any interest in the contract or any portion thereof. The foregoing provisions of this section shall be in addition to all other rights and remedies available to the CITY under law. SEVENTH: In case suit is brought upon this contract, the CONTRACTOR hereby agrees to pay to the CITY a reasonable attorney's fee to be fixed by the Court. EIGHTH: It is further agreed by and between the parties hereto, including the Surety or Sureties on any Bond attached to this contract, that in the event it is deemed necessary to extend the time of completion of the work contemplated to be done under this contract, said extension may be granted by the City Council, either at its own option, or upon request of the CONTRACTOR, and shall in no way affect the validity of this contract or release the Surety of Sureties on any Bond attached hereto. IN WITNESS THEREOF, the parties hereto for themselves, their heirs, executors, administrators, successors, and assigns do hereby agree to the full performance of this agreement and affix their names, titles, and seals this day as above indicated. By HSIANG CND HUANG Commisslon # 1483463 Notary Pubbc - Colifomia Los Angeles County By My Comm. Expires Apr 28, 2008 SUBSCRIBED AND SWORN TO BEFORE ME THIS 6th DAY OF JUNE, 2007 (Seal) r Note: N RTARY PUBLIC SIGNATURES MUST BE ACKNOWLEDGED BEFORE A NOTARY PUBLIC. (ATTACH APPROPRIATE ACKNOWLEDGEMENTS) By ayor of the City of Rosemead JOHN TRAN Attested l~' 1 .1/li City Clerk of the City of Rosemed NINA CASTRUITA 24 Mth Ccnificme of Deposit ACCOUNT N0. 15163306 EAST WEST BANK Account Holder(s) Chau Bich Lam,Payable To City of Rosemead of Public Work For Labor, Material and Performance Bond of Parcel Map 65274 Date of Issuance: 06/06/2007 Initial Maturity Date:06/06/2009 Opening Balance$ 12,900.00 Initial Term: 24 Months Interest Rate: 4.160% Annual Percentage Yield: 4.25% Min. Bal. Req. $ 10,000.00 Interest Compounding Method: Daily Maximum Bal. $ No Limit Additions: No Additions Allowed Earnings Distribution Earnings distribution frequency will be Quarterly with the last distributor on the final maturity date. Authorized Signat a Date issued 06/06/2007 Branch Address: 8168 E. Garvey Ave. Rosemead, California 91770 LINE DATE WITHDRAWALS INTEREST ADDITIONS BALANCE NO. I 610610' 2 3 4 S F 7 x 9 In I 12 13 14 15 16 17 19 19 20 21 22 23 24 11, K. T"