HomeMy WebLinkAbout11 RELEASE OF BONDS 07-03-95NO. 11
7-3-95
'}ATE: JULY 3, 1995
inter-Com
TO:
FROM:
SUBJECT:
WILLIAM A. HUSTON, CITY MANAGER
PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
ACCEPTANCE OF PUBLIC IMPROVEMENTS AND AUTHORIZATION TO
RELEASE IMPROVEMENT BONDS FOR 1100 EDINGER AVENUE (MICRO
CENTER)
RECOMMENDATION
That the Tustin City Council accept the public improvements for 1100 Edinger Avenue and
authorize the City Clerk's office to release the Faithful Performance and Labor and Materials
bonds. ·
FISCAL IMPACT
None.
BACKGROUND
Catellus Development Corporation, as the developer for 1100 Edinger Avenue, was required to
post the following bonds as a condition of approval for the project:
Faithful Performance Bond No. 800597952 ........................... $66,000.00
Labor and Materials Bond No. 800597952 ............................ $66,000.00
DISCUSSION
The improvements at 1100 Edinger Avenue have been completed per the Condition's of
Approval and are accepted by the Public Works Department and the Public Works Department
agrees to the release of the following bonds, to be carried out by the City Clerk's office:
Faithful Performance Bond No. 800597952 ........................... $66,000.00
Labor and Materials Bond No. 800597952 ............................. $66,000.00
The subject bonds were for the interim improvements at 1100 Edinger Avenue which were
conditions of approval for the .Micro Center development. The City will continue to hold
Faithful Performance and Labor and Material Bonds for the future ultimate improvements along
both Edinger Avenue and Del Amo Avenue per the Pacific Center East Specific Plan.
Tim D. Serlet
Director of Public Works/City Engineer
Wendy E. ~allman
Junior Civil Engineer
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