HomeMy WebLinkAbout08 SUBDIVI. BONDS 03-02-98AGENDA
NO. 8
3-2-98
DATE: MARCH 2, 1998
Inter-Com
TO:
FROM:
SUBJECT:
WILLIAM K HUSTON, CITY MANAGER
PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBSTrEUTION OF SUBDIVISION BONDS FOR TRACT NO. 13835 AND RELEASE OF
THE MONUME~ATION CASH DEPOSrr (VENTURANZA DEL VERDE)
RECOMMENDATION
It is recommended that the City Council, at their .meeting of March 2, 1998, authorize the release of the
Faithful Performance Bond No. 3SM 776 444 00 in the amount of $53,525.00; the Labor and Material Bond
No. 3SM 776 444 00 in the amount of $26,762.50; the Warranty Bond No. 3SM 758 228 00 in the amount of
$21,410.00 and the Monumentation Cash Deposit in the amount of $1,300.00 subject to the posting of
replacement bonds in the following amounts:
Faithful Performance Bonds No. 1558126 ............................................................. $ 2,000.00
Labor and Material Bond No. 1558126 .................................................................. $ 1,000.00
Subdivision Warranty Bond No. 1558128 .............................................................. $21,410.00
Monumentation Bond No. 1558127 ....................................................................... $ 4,900.00 .
FISCAL IMPACT
None.
BACKGROUND
RGC Tustin/Dd Mar L.P.,as the original developer of Tract No. 13835, was required to post certain bonds to
ensure the completion of all requked public improvements associated with Tract No. 13835. The improvement
bonds/cash deposit that were posted are as follows:
Faithful Performance Bond No. 3SM 776 444 00 .................................................. $53,525.00
Labor and Material Bond No. 3SM 776 444 00 ..................................................... $26,762.50
Subdivision Warranty Bond No. 3SM 758 228 ...................................................... $21,410.00
Monumentation Cash Deposit ................................................................................. $1,300.00
DISCUSSION
RGC Tustin/Del Mar L.P. did not complete the development and the current developer, Rielly Homes, will
post the replacement bonds. All public improvements associated with Tract No. 13835 have been completed
at this time. However, due to the remaining on-site construction, the replacement bonds are to cover the cost
of any damage to the public improvements which might be sustained until the final on-site build-out is
complete.
Tim D. Seflet
Director of Public Works/City Engineer
Associate Civil Engineer
TDS:JO:klb/COUNCIL:Replace Bonds Tract 13835
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