HomeMy WebLinkAbout09 RELEASE OF BONDS 04-07-97AGE N
NO. 9
4-7-97
DATE: APRIL ?, 1997
Inter-Com
TO:
FROM:
SUBJECT:
WILLIAM A. HUSTON, CITY MANAGER
PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
ACCEPTANCE OF PUBLIC IMPROVEMENI~ AND THE RELEASE OF BONDS
FOR TRACT NO. 12870
RECOMMENDATION
It is recommended that the Tu~tin City Council, at their meeting of April 7, 1997 accept all public
improvements within Tract No. 12870 and authorize the release of the following bonds for the indicated
amounts:
Faithful Performance Bond No. 10-42-29 ..................................................... $53,040.00
Labor and Materials Bond No. 10-42-29 ..................................................... $53,040.00
Faithful Performance Bond No. 10-42-30 ..................................................... $91,727.00
Labor and Materials Bond No. 10-42-30 ..................................................... $91,727.00
Monumentation Bond No. 5241-2150 ............................................................... $65,000.00
FISCAL IMPACT
None
BACKGROUND'
The subject tract is bounded on the east by Jamboree Road, on the south by Irvine Boulevard and on the
north by Tract No. 13627.
As a condition of approval the developer, the Irvine Company, was required to post the following
improvement bonds:
Faithful Performance Bond No. 10-42-29 ...................................................... $53,040.00
Labor and Materials Bond No. 1042-29 ...................................................... $53,040.00
Faithful Performance Bond No. 10-42-30 ...................................................... $91,727.00
Labor and Materials Bond No. 1 042-30 ...................................................... $91,727.00
Monumentation Bond No. 5241-2150 ............................................................ ;... $65,000.00
Acceptance of Public Improvements and the Release of the Bonds for Tract No. 12870
April 7, 1997
Page 2
DISCUSSION
The developer has completed all work related to the public improvements and monumentation within Tract
No. 12870 as required per the approved plans to the satisfaction of the Public Works Depamnent~ and it is
recommended that the above mentioned bonds be released and the public improvements be accept~ by the
City Council. The Subdivision Warranty Bond, however, will remain in effect for one year from the date
of acceptance.
Tim D. Serlet ~
Director of Public Works/City Engineer
D~ve Balbas
Junior Civil Engineer
Associate Civil Engineer
TDS:$O:klh:P, ela~: of'Tract No. 12870
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PROJECT LOCATION
FOR
TRACT ~O. 12870