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SUBJECT: RELEASE OF BOND POSTED FOR GOLDEN COVE CENTER
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.
Adopting the staff recommendation will release the bond posted by Golden Cove Group, LLC for the development of the Golden Cove Center.
Staff could identify no appropriate alternative actions.
The recommended action will have no fiscal impact.
Surety: American Contractors Indemnity Company