HomeMy WebLinkAbout09 RELEASE OF BOND 07-19-99DATE: JULY 19, 1999
NO. 9
7-19-99
Inter-Corn'
TO:
WILLIAM A. HUSTON, CITY MANAGER
FROM: PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBJECT: RELEASE OF BONDS FOR TRACT NO. 14837 (VALENCIA)
SUMMARY
All public improvements associated with Tract No. 14837 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. 13-40-36 ..................................................................... $35,806.00
Labor and Materials Bond No. 13-40-36 ....................................................................... $17,903.00
Monumentation Bond No. 13-40-3 7 ............................................................................. $ 4,600.00
FISCAL IMPACT
None.
BACKGROUND
The subject tract is bounded on the east by Jamboree Road, on the north and south by the Tustin Ranch Golf Course and on
the west by Tract No. 14784.
As a condition of approval the developer, The Irvine Company, a Michigan Corporation, was required to post the following
improvements bonds:
Faithful Performance Bond No. 13-40-36 ..................................................................... $35,806.00
Labor and Materials Bond No. 13-40-36 ....................................................................... $17,903.00
Subdivision Warranty Bond No. 13-40-36 .................................................................... $ 3,581.00
Monumentation Bond No. 13-40-3 7 ............................................................................. $ 4,600.00
DISCUSSION
The developer has completed all work related to public improvements and monumentation within Tract No. 14837 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
~e o~~~~,
Tim D. Serlet
Director of Public Works/City Engineer
TDS:DB:ccg:release of bonds TR 14837
Dave Balbas
Junior Civil Engineer
- - -
Associate Civil Engineer