HomeMy WebLinkAbout10 RELEASE OF BONDS 08-17-98NO. 10
8-17-98
DATE:
AUGUST 17, 1998
Inter-Com
TO: WILLIAM A. HUSTON, CITY MANAGER
FROM' PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBJECI: ACCEPTANCE OF PUBLIC IMPROVEMENTS AND RELEASE OF BONDS FOR
TRACT NO. 14914 (NEWPORT CAMINO PLAZA)
~e ~ 7~Vorks Department is requesting that the City Council accept the public imProvements and
release the bonds for Tract No. 14914.
RECOMMENDATION
It is recommended that the Tustin City Council accept all public improvements within Tract No. 14914 and
authorize release of the following bonds for the indicated amounts:
Faithful Performance Bond No. 3 SM-806-948-00 ................................................... $12,000.00
Labor and Materials Bond No. 3SM-806-948-00 .................................................... $ 6,000.00
MonumentationBond No. 3SM-806-951-00 ................................................... : ....... $ 1,375.00
FISCAL IMPACT
None.
BACKGROUND
The subject tract is located at the northeasterly comer of Newport Avenue and E1 Camino Real as shown
on the attached location map.
As a condition of approval the developer, Newport Camino Plaza, L.P., was required to post the following
improvement bonds:
Faithful Performance Bond No. 3SM-806-948-00 ................................................ ,. $12,000.00
Labor and Materials Bond No. 3SM-806-948-00 ................................................... $ 6,000.00
Subdivision Warranty Bond No. 3SM-806-950-00 ................................................. $ 4,550.00
MonumentationBondNo. 3SM-806-951-00 .......................................................... $ 1,375.00
DISCUSSION
The developer has completed all work related to the public improvements and monumentation within Tract
No. 14914 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.
Director of Public Works/City Engineer
Dave Balbas
Junior Civil Engineer
TDS:JO:ccg/COUNCIL:ReleaSe Bonds Tract 14914
Attachments
J~rry ~eson
Associate Civil Engineer
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