HomeMy WebLinkAbout12 RELEASE OF BOND 08-02-99AGENiaA- ' -
DATE' AUGUST2. 1999
NO. 12
8-2-99
TO:
WILLIAM A. HUSTON, CITY MANAGER
FROM' PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBJECT: RELEASE OF BONDS FOR TRACT NO. 15292 (LA MONTANA)
SUMMARY
All public improvements associated with Tract No. 15292 have been completed and the Public Works Department is
recommending release of the bonds.
RECOMMENDATION
It is recommended that tlre CID" Council release the following bonds for the indicated amounts:
Faithful Performance Bond No. 3SM-887-357-00 ......... ' $173,000.00
Laborand Materials Bond No. 3SM-887-357-00 ......................................................... $ 86,500.00
MonumentationBond No. 3SM-887-358-00 ............................................................... $ 11.594.00
FISCAL IMPACT
Nolte.
BACKGROUND
The subject tract is bounded on the east by the Salvation Army and Jamboree Road. on the north by a future CiD' park site.
on the west by Pioneer Road. and on the south by Tract No. 14295.
As a condition of appro.val tire developer, Grey'stone Homes, Inc., was required to post the following improvements bonds:
Faithful Performance Bond No. 3SM-887-357-00 ....................................................... $173,000.00
Labor and Materials Bond No. 3SM-887-357-00 ......................................................... $ 86,500.00
Subdivision WarranD' Bond No. 3 SM-887-357-00A ................................................... $ ' 17,300.00
MonumentationBond No. 3SM-887-358-00 ............................................................... $ 11,594.00
DISCUSSION
The developer has completed all work related to public improvements and monumentation within Tract No. ]5- _ 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 fr°m the date °f a,~tan;' Cr/~
Tim D. Serlet (.,/
Director of Public Works/CiD' Engineer
Dave Balbas
Junior Civil Engineer
er t%e on -
Associate Civil Engineer
TDS:DB:JOS:\City Council Items 99 City Council hems\release of bonds TR 15292.doc
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