HomeMy WebLinkAbout05 RELEASE OF BONDS 03-18-96NO. 5
3-18-96
DATE:
MARCH 18, 1996
Inter-Com
TO'
FROM'
SUBJECT:
WILLIAM A. HUSTON, CITY MANAGER
PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
ACCEPTANCE OF PUBLIC IMPROVF_AqENTS AND THE RELEASE OF BONDS
FOR TRACT NO. 13902
RECO~NDATION
It is recommended that the Tustin City Council, at their meeting of March i8, 1996 accept all
public improvements within Tract No. 13902 and authorize the release of the following bonds for
the indicated amounts:
Faithful Performance Bond No. 11127006309 ....................................... $323,000.00
Labor and Materials Bond No. 11127006309 ....................................... $161,500.00
Monumentation Bond No. 11127006317 ....................................... $10,800.00
FISCAL IMPACT
None.
BACKGROUND
The subject tract is bounded on the west by Rawlings Way, on the northwest by Tustin Ranch Road
and on the north by Portola Parkway.
As a condition of approval the developer, Baycrest Associates, was required to post the following
improvements bonds:
Faithful Performance Bond No. 11127006309 ....................................... $323,000.00
Labor and Materials Bond No. 11127006309 ........................................ $161,500.00
Subdivision Warranty Bond No. 11127006309 ............................. $ 32,300.00
Monumentation Bond No. 11127006317 ' $10,800.00
DISCUSSION
The developer has completed all work related to the public improvements and monumentation
within Tract No. 13902 as required per the approved plans to the satisfaction of the Public Works
Department and it is recommended that the above-mentioned bonds be released and the public
improvements be accepted by the City Council. The Subdivision Warranty Bond will remain in
effect for one year from the date of acceptance.
Tim D. Serlet
Director of Public Works/City Engineer
Dave Balbas
Junior Civil Engineer
TDS:DB:COUNCILqh=~ Trot 13902
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