TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM: DIRECTOR OF PUBLIC WORKS

DATE: FEBRUARY 20, 2007

SUBJECT: RELEASE OF BOND POSTED FOR GOLDEN COVE CENTER

RECOMMENDATION

Authorize the City Clerk and Director of Public Works to release bond # 245085 in the amount of $68,500, posted by Golden Cove Group LLC for the construction of the Golden Cove Center.

BACKGROUND / DISCUSSION

The Golden Cove Group, LLC has posted bond # 245085 in the amount of $68,500. When this project was approved, the City of Rancho Palos Verdes required that a bond in the amount of $68,500 be posted. This bond was to remain in place for a period of five years.

Construction at the Golden Cove Center has been completed and the appropriate time has elapsed.

CONCLUSIONS

Adopting the staff recommendation will release the bond posted by Golden Cove Group, LLC for the development of the Golden Cove Center.

ALTERNATIVES

Staff could identify no appropriate alternative actions.

FISCAL IMPACT

The recommended action will have no fiscal impact.

Principal: Golden Cove Group, LLC
C/O Robert P. Friedman, Esq.
Law Offices of Robert P. Friedman
827 Moraga Drive
Bel Air, CA 90049

Surety: American Contractors Indemnity Company
9841 Airport blvd., 9th Floor
Los Angeles, CA 90045

Submitted by,

Jim Bell
Director of Public Works

Reviewed,

Paul Bussey
City Manager