HomeMy WebLinkAbout14 ACCEPT PUB IMP/REL BONDS TRACT MAP 16695 (VESTAR/KIMCO) 09-16-08AGENDA REPORT
MEETING DATE: SEPTEMBER 16, 2008
TO: WILLIAM A. HUSTON, CITY MANAGER
FROM: PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBJECT: ACCEPTANCE OF PUBLIC NON-BACKBONE IMPROVEMENTS AND
RELEASE OF BONDS FOR TRACT MAP NO. 16695 (VESTAR/KIMCO
TUSTIN, L.P)
SUMMARY
All public non-backbone improvements associated with Tract Map No. 16695 have been
completed. The Public Works Department is now recommending acceptance of the public
improvements and release of the public improvement bonds.
RECOMMENDATION
It is recommended that the City Council accept the public improvements and release the
following bonds in the indicated amounts:
Faithful Performance Bond (Bond No. 42 BCSDJ 8842) ......................... $ 2,811,000.00
Labor and Material Bond (Bond No. 42 BCSDJ 8842) ............................ $ 1,405,500.00
FISCAL IMPACT
There is no fiscal impact to the City with this action.
BACKGROUND
Tract Map No. 16695 is located within Planning Area 16, 17, and 19 (Parcels 10, 11 & 12) of the
MCAS-Tustin Specific Plan, generally bounded by Warner Avenue to the north, Tustin Ranch
Road to the west, Barranca Parkway to the south, and Jamboree Road to the east. As a
condition of approval, Vestar/Kimco Tustin, L.P. was required to post the subject bonds for the
construction and replacement of public non-backbone improvements adjacent to the project.
The developer has completed all work related to the public improvements for Tract Map No. 16695
to the satisfaction of the Public Works Department. The public improvements were completed on
August 28, 2008. It is recommended that the above-mentioned bonds be released by the City
Council. A Subdivision Warranty Bond (Bond No. 42 BCSDJ 8842 for $ 281,000.00) will remain in
effect for one year from the date of completion of the public improvements, which will be August 28,
2009.
Tim D. Serlet
Director of Public Works/City Engineer
Doug Anderson
Transportation & Development Services Manager
Attachment: Location Exhibit
S:\City Council Items\2008 Council ItemsWccept imps & Release of Bonds for TR16695.doc
CITY OF TUSTIN
NO SCALE
,-~,. //
nLE~ Tract Mov 16695.DWG
PROJECT
~ PROJECT NAME: TRACT MAP 16695 ~