HomeMy WebLinkAbout04 RELEASE OF BONDS 03-21-94AGENDA --
NO; 4 ~
3-21-94
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Inter-Com
')ATE:
MARCH 21, 1994
lO: WILLIAM A. HUSTON, CITY MANAGER
FROM: PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBJECT: ACCEPTiI~ICE 'OF PUBLIC IMPROVEMENTS ~ THE RELEASE OF BONDS FOR
TRACT 14 2 9 $
RECOMMENDATION
It is recommended that the Tustin City Council, at their meeting of
March 21, 1994 authorize the release of the following bonds for the
indicated amounts:
Faithful Performance Bond No. 11127147327
Labor and-Materials Bond No. 11127147327
Monumentation Bond No. 11127147335
$402,964.98
$201,492.49
$ 17,500.00
FISCAL IMPACT
None.
BACKGROUND
The subject tract is located between Jamboree Road and Pioneer
Road, immediately north of Patriot Way.
As a condition of approval, the Developer, the Fieldstone Company,
was required to post the following improvement bonds:
Faithful Performance Bond No. 11127147327
Labor and Materials Bond No. 11127147327
Monumentation Bond No. 11127147335
$402,964.98
$201,492.49
$ 17,500.00
DISCUSSION
The Developer has completed the public improvements and
monumentations as required per the City approved drawings and the
improvements and monumentations have been accepted by the City.
The Subdivision Warranty Bond is to remain in effect for one year
from the date of acceptance of the public improvements.
Robert S. Ledendecker
Director of Public Works/
City Engineer
Wendy ~. Hallman
Junior Civil Engineer
RSL :WEH: ktb: TR 14295