HomeMy WebLinkAbout07 RELEASE OF BONDS 02-01-99AGEN,, .-
DATE:
FEBRUARY l, 1999
Inter-Com
NO. 7
2-1-99
· TO: WILLIAM A. HUSTON, CITY MANAGER
PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
FROM:
ACCEPTANCE OF PUBLIC IMPROVEMENTS AND RELEASE OF BONDS FOR
SUBJ£CT: TRACT NO. 15316 (ESTRELLA)
SUMMARY
The Public Works Department is requesting that the City Council accept the public improvements and
release the bonds for Tract No. 15316.
RECOMMENDATION
It is recommended that the Tustin City Council accept all public improvements within Tract No. 15316 and
authorize release of the following bonds for the indicated amounts:
Faithful Performance Bond No. 158306073 .......................................................... $392,000.00
Labor and Materials Bond No. 158306073 ........................................................... $196,000.00
MonumentationBond No. 158306087 .................................................................... $30,750.00
FISCAL IMPACT
None.
BACKGROUND
The subject tract is bounded on the west by Heritage Park, on the south by Heritage Way, on the north by
Tract No. 15350 and on the east by Tract No. 13735.
As a condition of approval the developer, Kaufman & Broad (Coastal), was required to post the following
improvement bonds:
Faithful Performance Bond No. 158306073 ........................................................ :. $392,000.00
Labor and Materials Bond No. 158306073 ........................................................... $196,000.00
SubdiviSion Warranty Bond No. 158306073M ........................................... ~ ........... $39,200.00
MonumentationBond No. 158306087 .................................................................... $30,750.00
Acceptance of Public Improvements and Release of Bonds for Tract No. 15316 (Estrella)
February 1, 1999
Page 2
DISCUSSION
The developer has completed all work related to the public improvements and monumentation within Tract
No. 15316 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
City Council. The Subdivision Warranty Bond, however, will remain in effect for one year from the date
of acceptance.
Tim D. Serlet
Director of Public Works/City Engineer
Dave Balbas
Junior Civil Engineer
TDS:JO:ccg/COUNCIL:Release Bonds Tract 15316 Estrella. doc
Attachments
Associate Civil Engineer
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