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Section 66499.7 "Manner of release of security" of the Subdivision Map Act (Map Act) <br /> provides the process by which a developer may request, and how a legislative body <br /> may provide, the partial release of improvement security. <br /> Pursuant to the Map Act, staff has supplied Civic Gateway, LLC with a list of all <br /> remaining work to be completed (See Attachment 2) and Civic Gateway, LLC will <br /> provide improvement security in the amount of 125,000 (200% of the cost of the <br /> remaining work). <br /> The City Clerk will exchange the performance and labor and material bonds on file for <br /> the improvement security for the remaining work, providing there are no stop notices <br /> filed following the recordation of the Notice of Completion. <br /> Submitted by: Fiscal Review: Approved y: <br /> /,tkcoy- <br /> Stephen Kirkpatrick Tina Olson Nelson Fialho <br /> Director of Engineering Director of Finance City Manager <br /> Attachment: <br /> 1. Vicinity Map <br /> 2. Exhibit— Remaining Work to be Completed <br /> 3. Township Square Street Names Map <br /> Page 4 of 4 <br />