HomeMy WebLinkAbout09 RELEASE OF BONDS 07-07-98AGENDA]-
JULY 6, 1998
NO. 9
7-7-98
. i/
Inter-C o
DATE:
TO:
FROM:
SUBJECT:
WILLIAM A. HUSTON, CITY MANAGER
PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
ACCEPTANCE OF PUBLIC IMPROVEMENTS AND RELEASE OF BONDS FOR
TRACT NO. 15055
SUMMARY
~orks Department is requesting that the City Council accept the public improvements and release
the bonds for Tract No. 15055.
RECOMMENDATION
It is recommended that the Tustin City Council aCcept all public improvements within Tract No. 15055 and
authorize the release of the following bonds for the indicated amounts:
Faithful Performance Bond No. 16-40-79 ....................................................... $225,000.00
Labor and Materials Bond No. 16-40-79 ........................................................ $112,500.00
Monumentation Bond No. 16-40-80 ................................................................... $6,000.00
FISCAL IMPACT
None.
BACKGROUND
The subject tract is bounded on the west by Tustin Ranch Road, on the north by Irvine Boulevard, on the south
by Heritage Way and on the east by Tract No. 13735.
As a condition of approval the developer, Irvine Community Development Company, was required to post the
following improvement bonds:
Faithful Performance Bond No. 16-40-79 ....................................................... $225,000.00
Labor and Material Bond No. 16-40-79 ..................... ' ..................................... $112,500.00
Subdivision Warranty Bond No. 16-40-79M ............................................... i .... $22,500.00
Monumentation Bond No. 16-40-80 ................................................................... $6,000.00
DISCUSSION
The developer has completed all work related to public improvements and monumentation within Tract No.
15055 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. Seflet
Director of Public Works/City Engineer
TDS:DB:klb/COUNCIL/Release of Bonds Tract No. 15055
2./',.g--- ..: ,2 v
Dave Balbas
Junior Civil Engineer
J(~ttes~n -
Associate Civil Engineer
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