HomeMy WebLinkAbout04 RELEASE OF BONDS 02-16-99AGENDA'-'
DATE: FEBRUARY 16. 1999
NO. 4
2-16-99
Inter-Com
TO: WILLIAM A. HUSTON, CITY MANAGER
PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
FROM:
ACCEPTANCE OF PUBLIC IMPROVEMENTS AND RELEASE OF BONDS FOR
SUBdEGT: TRACT NO. 15350 (Rancho Santa Fe)
SUMMARY I
The developer has completed the public improvements and monumentation within Tract No. 15350,and the
Public Works Department is recommending acceptance of the public improvements and release of the
bonds.
RECOMMENDATION
It is recommended that the CiB, Council accept all public improvements within Tract No. 15350 and
authorize release of the following bonds for the indicated amounts:
Faithful Performance Bond No. 18-41-71 ............................................................. $188,000.00
Labor and Materials Bond No. 18-41-71 ................................................................. $94,000.00
Monumentation Bond No. 18-41-72 ........................................................................ $10,000.00
FISCAL IMPACT
None.
BACKGROUND
The subject tract is bounded on the north by Irvine Boulevard, on the east by Tract No. 13735, on the south
by Tract No. 15316 and on the west by Tract No. 15427.
As a condition of approval, the developer, Irvine Apartment Communities, was required to post the
following improvement bonds:
Faithful Performance Bond No. 18-41-71 ............................................................. $188,000.00
Labor and Materials Bond No. 18-41-71 ................................................................. $94,000.00
Subdivision Warranty Bond No. 18-41-71M .......................................................... $18,800.00
MonumentationBond No. 18-41-72 ........................................................................ $10,000.00
Acceptance of Public Improvements and Release of Bonds for Tract No. 15350 (Rancho Santa Fe)
February 16, 1999
Page 2
DISCUSSION
The developer has completed all work related to the public improvements and monumentation within Tract
No. 15350 as required by the approved plans to the satisfaction of the Public Works Department. It is
recommended that the above mentioned bonds be released and the public improvements be accepted by the
Ci~,~ Council. The Subdivision Warranty Bond, however, will remain in effect for one year from the date
o f ac c eptanc e.
· . Serlet ~
Director of Public Works/City Engineer
Dave Balbas
Junior Civil Engineer
,~rry {~es~n~ -
Associate Civil Engineer
TDS:JO:ccg/COUNCIL:Release Bonds Tract 15350 Rancho Santa Fe.doc
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