2010051705 - Reservior Road - Norice of Completion and Certificate of Acceptance - San Jose Water Works - Sienna Oaks

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