HomeMy WebLinkAboutCC 5 BOND EXONERAT'N 03-15-93MARCH 15, 1993
CONSENT CALENDAR NO
3-15-93;!x_
PWWI
5
nter-Com
TO: WILLIAM A. HUSTON, CITY MANAGER
FROM: PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBJECT: BOND EXONERATION - TRACT NO. 6380
RECOMMENDATIONS:
That the City Council authorize the release of the following Subdivision
Improvement Bonds of the indicated amounts:
Faithful Performance Bond No. 4SM163905 ........ $20,550.00
Labor and Materials Bond No. 4SM163905 ........ 10,275.00
Monumentation Bond No. 4SM163906 ............... 1,000.00
FISCAL IMPACT:
None
BACKGROUND:
The subject Tract was processed in 1977 by the P and M Realty
Corporation and provided for the conversion of a pre-existing apartment
complex into a condominium complex. This development is located on the
east side of Williams Street between Main Street and Alliance Avenue.
As a condition of approval, the developer was required to post the
following Improvement Bonds to cover the cost of widening Williams
Street adjacent to this Tract:
Faithful Performance Bond No. 4SM163905 ........ $20,550.00
Labor and Materials Bond No. 4SM163905 ........ 10,275.00
Monumentation Bond No. 4SM163906 ............... 1,000.00
DISCUSSION•
At the time the subject Tract was processed, Williams Street was
classified as a Secondary Arterial Highway. Condition of Approval
Number 2 (b) of Planning Commission Resolution No. 1381 required the
widening of the easterly side of Williams Street, adjacent to this
development. In lieu of construction at that time the City allowed the
developer to post bonds to guaranty the construction of those
improvements.
During the mid 1980's Williams Street was down graded to a local street
and thereby precluded the necessity of widening this street. It is
therefore recommended that the City Council release the above mentioned
bonds.
Robert Ledendecker Jeizry Otteson
Director of Public Works/City Engineer Associate Civil Engineer
RL:JO:ccg:bondex