HomeMy WebLinkAbout12 BOND RELEASE 15506 05-01-00 "':~" ~'~
AGENDA - :- .
-- I.nter-Com -
DATE: MAY 1, 2000
TO:
FROM:
SUBJECT:
WILLIAM A. HUSTON, CITY MANAGER
PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
ACCEPTANCE OF PUBLIC IMPROVEMENTS AND RELEASE OF BONDS FOR TRACT
NO. 15506 (COLUMBIA)
tSUMMARY
All public improvements associated with Tract No. 15506 have been completed and the Public Works
Department is recommending release of the bonds.
RECOMMENDATION
It is recommended that the City Council release the following bonds for the indicated amounts:
Faithful Performance Bond No. 12-0120-36629-98-2 ......... ; ..................... $80,000.00
Labor and Materials Bond No. 12-0120-36629-98-2 ................................. $ 40,000.00
Monumentation Bond No. 12-0120-36630-98-1 ........................................ $ 6,500.00
FISCAL IMPACT
None
BACKGROUND
The subject tract is bounded on the north by Tustin Ranch Road, on the south by Tract No. 15507, on the
east by Jamboree Road and on the West by Tract No. 15380 as shown on the attached location map.
As a condition of approval the developer, Richmond American, a Maryland Corporation, was requ'ired to
post the following improvement bonds:
Faithful Performance Bond No. 12-0120-36629-98-2 ............................... $80,000.00
Labor and Materials Bond No. 12-0120-36629-98-2 ................................. $40,000.00
Subdivision Warranty Bond No. 12-0120-36631-98-7 ............................... $ 8,000.00
Monumentation Bond No. 12-0120-36630-98-1 ........................................ $ 6,500.00
DISCUSSION
The developer has completed all' work related to public improvements and monumentation within Tract
No. '15506 as required by the conditions of approval to the satisfaction of the Public Works Department. It
is recommended that the above mentioned bonds be released by the City Council. The Subdivision
Warranty Bond, however, will remain in effect for one year from the date of acceptance.
erl~)tte~-on"
Tim D. Serlet k... "'As?"~sociate
Director of Public Works/City Engineer
Civil
Engineer
TDS:JO:ccg:Accept PI & release bonds TR 15506.doc
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