HomeMy WebLinkAbout06 RELEASE OF BONDS 02-07-94NO. 6
2-7-94
3ATE:
FEBRUARY 7, 1994
Inter-Com
TO: WILLIAM A. HUSTON, CITY MANAGER
FROM: PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION '-
SUBJEC~ ACCEPTANCE OF PUBLIC IMPROVEMENTS AND THE RELEASE OF BONDS FOR
TRACT NO. 14610
RECOMMENDATION
That_the Tustin City Council, at their meeting of February 7, 1994,
authorize the release of the following bonds for the indicate~
amounts:
Faithful Performance Bond No. 10-96-69 .............. $555,000.00
Labor and Materials Bond No. 10-96-69P .............. $277,500.00
Monumentation Bond No. 10-96-68 ..................... $ 5,000.00
FISCAL IMPACT
None.
BACKGROUND
The subject tract is bounded on the north by Bryan Avenue, on the
south by E1 Camino Real, on the west by Tustin Ranch Road and on the
east by Myford Road.
As a condition of approval the developer, the Irvine Company, was
required to post the following improvement bonds:
Faithful Performance Bond No. 10-96-69 .............. $555,000.00
Labor and Materials Bond No. 10-96-69P .... ' ........ i..$277,500.00
Subdivision Warranty Bond No. 10-96-67 .............. $ 55,500.00
Monumentation Bond No. 10-96-68 ..................... $ 5,000.00
DISCUSSION
The developer has completed the public improvements and monumentation
as required per City approved drawings, and the improvements and
monumentation is acceptable with the Public Works Department. The'
Subdivision Warranty Bond is to remain in'effect for one year from
the date of acceptance. '
Robert S2 Ledendecker
Director of Public Works/
City Engineer
RSL:JO:k[b:r[s14610
Attachment
Jerr~Ott~s6n
Associate Civil Engineer