HomeMy WebLinkAboutC.C. 05 BONDS T. 13835 06-15-92Arm r m r a t'_' I �5 _9a
CONSENT CALENDAR NO. 5
15-92,
Inter -Cam ,
JE: JUNE 15, 1992 1.
TO: WILLIAM A. HUSTON, CITY MANAGER
FROM: PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBJECT: REDUCTION OF IMPROVEMENT BONDS FOR TRACT NO. 13835
RECOMMENDATIONS:
That the Tustin City Council authorize the release of Faithful
Performance Bond No. 3SM 758 227 00 in the amount of $214,100.00
and Labor and Material Bond No. 3SM 78 227 00 in the amount of
$107,050.00 subject to the posting of replacement bonds in the
following amounts:
Faithful Performance ........................... $53,525.00
Labor and Material ............................:. 26,762.50
The above amounts represent 250 of the original bond amounts.
BACKGROUND:
Recreations of California, Inc. as developer of Tract No. 13835,
was required to post certain bonds to ensure the completion of all
required public improvements associated with Tract No. 13835. The
improvement bonds that were posted are as follows:
Faithful Performance Bond No. 3SM 758 227 00 ... $214,100.00
Labor and Material Bond No. 3SM 758 2237 000 ... 107,050.00
Subdivision Warranty Bond No. 3SM 758 228 00 ... 21,410.00
Monumentation Bond No. 3SM 758 229 00 .......... 1,300.00
DISCUSSION:
The developer has requested that the Faithful Performance and Labor
and Materials Bonds be reduced by 75% of the existing amounts. All
public improvements associated with Tract No. 13835 have been
completed at this time, however, due to the remaining on-site
construction it is recommended that the Faithful Performance and
Labor and Materials Bonds be reduced to 25% of the existing amounts
to cover the cost of any damage to the public improvements, which
might be sustained until the final on-site build -out is complete.
Robert Ledendecker Jer Otteson
Director of Public Works/ Associate Civil Engineer.
City Engineer
RL:JO:ccg:13835