The owners of 1001 Rosalind Road were required to obtain a $1 million performance bond within 15 days of its extension approval on Oct. 28, but they were unable to do so within that time frame.
Planning and Building Director Aldo Cervantes said without the bond, the owners have violated the condition of their extension. Therefore, the city will be issuing a stop notice on construction for the property.
Attorney Chris Norgaard, who was representing a neighbor on Rosalind, brought the issue before the San Marino Planning Commission on Nov. 24.
Cervantes said the Zhong family explained that the reason for the delay in obtaining the performance bond was because most insurance companies do not issue bonds for $1 million.
The Zhongs did find three companies who would be willing to insure them, but there is a lot paperwork to be completed and the companies are asking for a letter from the city specifying uses of the bond, Cervantes said after discussing the issue with Mrs. Zhong.
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