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PAGE 2 <br />APRIL 22, 2010 <br />MAYOR AND TOWN COUNCIL <br />SUBJECT: RESERVOIR ROAD (APN: 529-31-041) <br />DISCUSSION (cont'd): <br />The Developer posted security, in the form of certificates of deposit, to ensure that the public <br />improvements would be constructed to Town standards. The Town typically releases 90-percent <br />of the security upon recordation of the Certificate of Acceptance and Notice of Completion, and <br />retains 10-percent for two years. <br />CONCLUSION: <br />This project is now ready for approval and acceptance by the Town and the release of 90-percent <br />of the security. Staff therefore recommends the Town Council adopt a resolution accepting the <br />work of Sienna Oaks, LLC, and authorizing the Town Manager to execute a Certificate of <br />Acceptance and Notice of Completion for recording by the Town Clerk Administrator. <br />ENVIRONMENTAL ASSESSMENT: <br />This activity is a project as defined under the California Enviromnental Quality Act (CEQA), but <br />is ministerial; therefore uo fm-ther action is required under CEQA. <br />FISCAL IMPACT: <br />There is no direct known fiscal impact associated with accepting these previously required public <br />improvements. However, once accepted these improvements become part of the Town's <br />infrastructure which must be maintained. The future costs are not known at this time. New <br />development in the subdivision will yield new property tax revenues to the Town in future years. <br />Attachments: <br />Resolution accepting work of Sietma Oaks, LLC for RESERVOIR ROAD - (APN: 529-31-041) <br />(Exhibit A -Certificate of Acceptance and Notice of Completion) <br />Distribution: <br />Sienna Oaks, LLC, Attn: Lynn O'Brien, 80 Reservoir Rd, Los Gatos, CA 95030. <br />