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C11-31 - SECURITY AGREEMENT CASH BOND PM 35023 SECURITY AGREEMENT - CASH BOND Parcel No. 1 of Parcel Map No. 35023 Assessor Parcel Number 417-020-074 THIS AGREEMENT (this "Agreement") is made and effective this 20th day of December, 2011, by and between the CITY OF BEAUMONT (the "City") and CT BEAUMONT PARTNERS LLC, a Delaware limited liability company(the "Owner"). WITNESSETH WHEREAS, the Conditions of Approval for the above referenced Parcel Map require, among other things, construction of a traffic signal at the intersection of Sixth Street and California Avenue (the "Traffic Signal") prior to occupancy of the building located on Parcel No. 1; WHEREAS, the City desires to facilitate occupancy of the building located on Parcel No. 1 by allowing the Owner to furnish a cash bond to the City as security for the timely completion of the Traffic Signal; and WHEREAS, Owner has deposited with the City an amount in cash as hereinafter mentioned, the receipt of which is hereby acknowledged; and the City has agreed to hold said deposit to indemnify the City for all costs and expenses incurred by the City by reason of Owner failing to complete the Traffic Signal as set forth herein. NOW, THEREFORE, for good and valuable consideration hereby acknowledged by both parties, it is agreed that: 1) The Owner does hereby transfer and deliver to the City a cash deposit of Two Hundred Fifty Eight Thousand Seven Hundred Forty Eight and 80/100 Dollars ($258,748.80) (the "Cash Bond"), which is to be held by the City as security for the performance and payment by the Owner for the construction of the Traffic Signal. 2) In the event the Owner completes construction within six (6) months after the plans and specifications for the Traffic Signal are approved and signed by the City and requests final inspection of the Traffic Signal and the City issues a final inspection approval of the Traffic Signal then seventy-five percent (75%) of the Cash Bond shall be returned to Owner within thirty (30) days of date of the issuance of the City's final inspection approval. The remaining twenty-five percent (25%) of the cash bond shall be returned to the Owner within thirty(30) days of the acceptance of the Traffic Signal for maintenance by the City, but in no case shall the remaining twenty-five percent (25%) be returned to the Owner prior to one (1) year from the date of the City's final inspection approval of the Traffic Signal by the City. 3) The Owner hereby agrees that in the event that the Traffic Signal is not completed within six (6) months after the plans and specifications for the Traffic Signal are approved and signed by the City, the Cash Bond shall, without notice to or authority from the Owner,be used by the City to complete construction of the Traffic Signal. The Owner further agrees that if proper maintenance is not performed by the Owner for a period of one year (the "Owner Maintenance Period") after the City gives its final inspection approval that the Cash Bond shall, without notice to or authority from the Owner, be used by the City to perform such maintenance. The Owner further agrees that should the Owner fail to pay any of its contractors, subcontractors, suppliers or laborers for the work or supplies they provided for the Traffic Signal construction, operation and maintenance that the Cash Bond shall, without notice or authority from the Owner, be used to pay such contractors, subcontractors, suppliers or laborers. In the event that the Cash Bond is not sufficient to complete such construction or maintenance, or is insufficient to pay unpaid contractors, subcontractors, suppliers or laborers, the Owner shall provide such additional funds to the City to enable it to complete such construction and/or maintenance, or to pay unpaid contractors, subcontractors, suppliers or laborers. 4) For a period of one (1) year from the date of the City's final inspection approval of the Traffic Signal by the City, Owner shall indemnify and hold harmless the City from any claims, lawsuits, damages, fines or penalties, including attorneys fees incurred by the City in connection with such claims, lawsuits, damages, fines or penalties arising from or related to Owner's faulty construction of, and/or Owner's failure to properly maintain during the Owner Maintenance Period, the Traffic Signal. IN WITNESS WHEREOF, this instrument has been duly executed by the Owner and City as of the date first written above. CT BEAUMONT PARTNERS, LLC CITY OF BEAUMONT a Delaware limited liability company By: 191 II CT Industrial Holdings LLC, a By: Delaware limited liability company, its Mayor sole Member By: CT California Fund VII, LLC, a California limited liability company, its Manager By: CT Fund Manager VII, LLC, a California limited Liability compa , its Manager /- j B, . ame: Z/7 7�/i��i Title: t/%% Exhibit "A" TRAFFIC SIGNAL COST ESTIMATE Dare: August 22,2011 Location: City of Beaumont Joe Number: 1497-09-04 California Avenue and 6th Street ST1 RK Engineering Group,iric, Prepared Tor: CT Really InvestorS I ..-- ItON1 NO, Description Qty. Ur* Unit cost It Cost ' 2 Controller w/Cabinet(Type 170E) 1 Ea. $11,900.00 $11,900 _ -= ------- 7 Install Controller/Cabinet 1 Ea. 81,320.00 $1,320 9 Lab Testing(Controller) 1 LS $1,980.00 $1,980 11 Detector Rack And Power 1 Ea. $1,600.00 $1,600 13 Elect.Service Mater(Type IS) 1 Ea. $2,640.00 12,640 15 Typo lA Pole(10h) 4 Ea, $470.00 11880 18 Type 17 Pole(301h)-20'Mast Arm 1 Ea. $2,970,00 12,970 24 Type 24 Pole(30t)-30 Mast Ann 3 Ea, $3,960.00 $11,880 31 Type 29 Pole(3011)-50'Meal Arm 1 Ea. $5.280.00 $5.280 37 Foundation(Controller) 1 Ea. $1,125,00 $1,125 ..---+ . . .... _ ... 38 Foundation(Service Meter) 1 Ea, 8680.00 $660 - _ 39 Foundation,24'x 3'd(No Re-bar)"Type 1A> 4 Ea. 8430-00 $1,720 _ 42 Foundation,38-x 7'd(Re-bar)'Typo 17,113-27(c3)> 1 Ea. $1,320.00 $1,320 ___ -------- 43 Foundation,36"x 9'd(Re-bar)<Type,8-27(o4),28,29> 4 Ea. $1,785.00 $7.140 46 Signal Head,lro 3-secten LED 23 Ea, $860.00 $19,780 60 LED Module,Signal(Arrow:R,Y or G) 24 Ea. $200.00 $4,900 51 LED Module.Signet(Bail.R,Y or G) 45 Es, $265.00 $11,925 52 Pad Signal Head,LED 10 Ea. $82500 $8,250 54 Pad Push Button(P.P,El.),ADA Compliant 10 Ea. $165_00 $1.650 _._ ' 55 illuminated Street Name Sign(1.1,S.N.5.) 4 Ea. $1,060.00 $4,240 se. Luminaires 5 Ea. $530,00 $2,650 58 Pull Box#13 9 Ea. $235.00 _ $2j15 ' 59 Pull Box a* 7 Es, $330,00 $2,310 60 ' Pull Box StIE I Ea. $600.00 $600 67 2W Conduit(Trenched) 730 LF $18.50 812,045 _. 69 7 Conduit(Trenched) 412 LF $23.50 $9.682 76 Detector Loop,60 30 Ea. 1370,00 811,100 77 #2 Loop Drilector Lead-in Cable(DIX) 2397 LF $1.32 $3,164 87 Wring,Signal(New TS) I 25 LS $890000 $11,125 __ 99 Misc.ConcreleiAspheuit Construction 5632 SF $6.60 $37,171 __--- TOTAL $196,022 ___ TRAFFIC SIGNAL COST ESTIMATE Data: August 22.2011 Location; City of Beaumont 497-09-04 California Avenue and Ctti Street Job Number: 1 ■ Bye RK Engineering Group, Inc. Prepared tor: CT Realty investors , Nom No Duraoription Qty- _ Unit Unit Coet Nam Coet &vim:tering 0.00% $0 Contingencies 10100% $19,502 TOTAL $215,624 t V"- engineering e seFtT pc:17"N MI 1 A. 4iP —1:1, N group,Inc. :GD 1 as No.2021I5 M 3991 MacArthur Houlevard,Suite 310 ,Newport Beach,CA 92660 E 09/30i I 'Inc one.(W1 474-01104 pin 0450 474-0902 ; ‘W q3. wi 2) Ilevieweil By: Dee: i cr, CI%At o e ;'Z.., fiQ_\_•_&)■+. ‘- \e- 4" .%'''- --- ‘ I 1 1 i 1 oF cA1-1 --' Robert Kahn R,C.E,No,292135 Exp.09/30/I 3 -....-•--. ..._ --,...." i C't's.-* A tA GO 1A.—C :--- \LC)% X ( NIT. Cc.-; _;-c• E--__T_,-,--T. 1.Zo )( 1t3, (0114-, co , . ____ CITY OF BEAUMONT PROJECT PROGRESS REPORT Source of Transportation Funds Project Name: Traffic Signal at Sixth and California Funds: Contract December 2011 Contractors: CT Beaumont Partners,LLC Date: Const.Budget: $258,748.80 A&E Budget:N/A Project Start Date: August 2011 Report Period: December 2011 Work Completed During Report Period: $ Plan Checked Traffic Signal Plans Problems or Delays During Report Period: $No delays Change Orders: $No Change Orders Recommendation(s)for City Council Action: Approve Security Agreement and authorize staff,qualified and approved contractors to complete the plan check and inspection of the traffic signal. Approved and authorized by: >� -010-1t M or Signature Date of City Council Approval STAFF REPORT Agenda Item TO: Mayor and Council Members FROM: Department of Public Works DATE: December 20, 2011 SUBJECT: Agreement with CT Beaumont Partners, LLC for Traffic Signal Construction Background and Analysis: The conditions of approval for the Dowling Orchard Business Park and the Winco Foods projects on Fourth Street require construction of three off-site traffic signals prior to the establishment of land uses on the property. Those signals are located at i) Sixth Street and California Avenue, ii) Fourth Street and California Avenue and iii) Fourth Street and Viele Avenue. The current owner of Dowling Orchard Business Park, CT Beaumont Partners, LLC (CT) has requested approval of a printing operation in one building on Parcel No. 1 of Parcel Map No. 35023. Because the proposed land use would occupy only 123,264 square feet of over 3 Million square feet approved as part of Dowling Orchard Business Park and Winco Foods projects, it is appropriate to phase the installation of the three traffic signals and only require the construction of the traffic signal located at Sixth Street and California Avenue at this time. The other two traffic signals are currently being designed and will be constructed at such time as more land uses are established on the subject properties. The proposed agreement would require CT to post a cash bond in the amount of$258,748.80 to allow the printing operation to be established while the traffic signal at Sixth Street and California Avenue is under construction. The bond would be held for a period of six months after which time it could be called for any reason it becomes necessary for the City to finish the construction of the traffic signal. Twenty-five percent of the bond amount will be held for a minimum of one year following completion of the traffic signal to provide security for any warranty issues which may arise prior to the City taking over maintenance responsibility for the traffic signal. Recommendation: Staff recommends APPROVAL of the Agreement and the Project Progress Report and authorization of the Mayor to execute the Agreement and the Project Progress Report. Respectfully submitted; CITY OF BEAUMONT Rebecca Deming L Planning Director 1� sv t l� �