HomeMy WebLinkAbout13 RELEASE BONDS 09-07-99DATE: SEPTEMBER 7, 1999
0
nter-Com
TO:
WILLIAM A. HUSTON, CITY MANAGER
FROM: PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBJECT: RELEASE OF BONDS FOR TRACT NO. 15563 (TUSTIN RANCH ESTATES)
SUMMARY
All public improvements associated with Tract No. 15563 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. 19-60-78 ...................................................................... $282,000.00
Labor and Materials Bond No. 19-60-78 ......................................................... . ............... $141.000.00
Monumentation Bond No. 19-60-79 ............................................................................. $ 17.800.00
FISCAL IMPACT
None.
BACKGROUND
The subject tract is bounded on the east by Pioneer Way, on the north by the remaining portion of Tentative Tract No. 14396
and the Cit5,.boundary, on the xvest by a vacant parcel and Tract No. 15601 and on the sOuth by Tustin Ranch Road.
As a condition of approval the developer, Irvine Community Development Company, a Delaware Corporation, was required
to post the following improvements bonds:
Faithful Performance Bond No. 19-60-78 ...................................................................... $282,000.00
Labor and Materials Bond No. 19-60-78 ........................................................................ $141,000.00
Subdivision Warrant5' Bond No. 19-60-78 ..................................................................... $ 28,200.00
Monumentation Bond No. 19-60-79 ............................................................................. $ 17,800.00
DISCUSSION
The developer has completed all work related to public improvements and monumentation within Tract No. 15563 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
of acceptance.
date~. ,,q /./,j ,./"
Tim D. Serlet ~~ Dave Balbas
Director of Public Works/Cib' Engineer Junior Civil Engineer
TDS:DB:ccg:release of bonds TR 15563
J~rry,Otteson
Associate Civil Engineer
Attachmen't
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