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Staff asks council to place Kiddie Academy bond-release on consent after inspection and maintenance guarantee requirement
Summary
Staff requested the release of a $323,223.50 construction bond for the Kiddie Academy Rose Center Lot 5 (resolution 26,080) after inspection, contingent on the city receiving a 12‑month maintenance guarantee equal to 10% of the bond; staff asked that the item be added to the next council agenda for action or consent.
Staff asked the committee to place resolution 26,080 on the next council agenda to release a $323,223.50 bond and accept initial site improvements for Kiddie Academy Rose Center Lot 5. Staff said all improvements have been completed and inspected and that the bond release would be contingent on the city receiving a 12-month maintenance guarantee from the owner equal to 10% of the original bond amount.
"They establish a bond at the start of construction for $323,223.50. All the improvements have been completed. We've inspected them and have approved them within our department. The bond release will be contingent on the city receiving a 12 month maintenance guarantee from the owner for 10% of the original amount of the bond," staff said. The committee agreed to forward the item on consent.
Staff will place the resolution on the next full council consent agenda with the contingency language noted.
