HomeMy WebLinkAboutC.C. 04 RELEASE BONDS 04-06-92CONSENT CALENDAR NO. 4
4-6-92
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a,ATE: MARCH 25, 1992 "
TO: WILLIAM A. HUSTON, CITY MANAGER
FROM: PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBJECT: ACCEPTANCE OF PUBLIC IMPROVEMENTS WITHIN TRACT NO. 13735 AND
RELEASE OF BONDS
RECOMMENDATIONS:
That the Tustin City Council accept the public improvements
associated with Tract No. 13735 and authorize the release of the
following bonds:
Faithful Performance Bond No. 09-12-86 ........ $55,000.00
Labor and Materials Bond No. 09-12-86 ......... 27,500.00
Monumentation Bond No. 09-12-87 ............... 81400.00
BACKGROUND:
Tract No. 13735 is an apartment/ condominium development located at
the southwesterly corner of Irvine Boulevard and Myford Road and
was developed by the Irvine Company. As a condition of approval of
this development, the Irvine Company was required to furnish
certain bonds to ensure the completion of public improvements and
tract monumentation.
DISCUSSION:
All public improvements and tract monumentation has been completed
to the satisfaction of the Public Works/ Engineering Division. The
developer has requested the release of the following Bonds
pertaining to Tract No. 13735:
Faithful Performance Bond No. 09-12-86 ........ $ 55,000.00
Labor and Materials Bond No. 09-12-86 ......... 27,500.00
Monumentation Bond No. 09-12-87 ............... 81400.00
Staff recommends that the City Council approve the release of these
bonds, at their meeting of April 6, 1992.
The Subdivision Warranty Bond No. 09-12-86, in the amount of
$5,500-00, must remain in effectfor a peri d of one yearNof ter the
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City Council accepts the public mprovemen
Robert Ledendecker
Director of Public Works/City Engineer
RL:ccg:acc13735