HomeMy WebLinkAbout04 IMPROVEMENT BONDS 03-06-95AGENDA
NO. 4
3-6-95
)ATE:
MARCH 6, 1995
Inter-Corn
TO: WILLIAM A. HUSTON, CITY MANAGER
FROM: PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBJECT: ACCEPTANCE OF PUBLIC IMPROVEMENTS AND AUTHORIZATION FOR
REDUCTION OF IMPROVEMENT BONDS FOR TRACT NO. 13627
RECOMMENDATION
That the Tustin City Council accept the public improvements for
Tract No. 13627 and release the Faithful Performance Bond, Labor
and Materials Bond and Monumentation Bond subject to executing
replacement subdivision agreements and bonds for the remaining
public improvements.
FISCAL IMPACT
None.
BACKGROUND
The Irvine Company, as the developer of Tract No. 13627, was
required to post the following improvement bonds to ensure the
comPletion of the required public improvements:
Faithful Performance Bond No. 08-97-55 ........... $406,000.00
Labor and Material Bond No. 08-97-55 ............. $203,000.00
Subdivision Warranty Bond No. 5241-22-43M ........ $284,100..00
Monumentation Bond No. 5241-22-44 ............. '..$ 57,000.00
DISCUSSION
The Irvine Company has completed the public improvements that were
required as a condition of approval of Tract No. 13627, except for
the portion of Pioneer Road from the intersection with Pioneer Way
westerly to the end of the cul-de-sac as shown on the attached
exhibit.
It has not been determined when this portion of Pioneer Road will
be constructed and the Irvine Company is requesting City acceptance
of the constructed improvements and release of the Faithful
Performance, Labor and Material, and Monumentation Bonds by
providing the following bonds to cover the remaining portion of
Pioneer Road:
F~ithful Performance bond ........................ $372,500
Labor and Material Bond .......................... $186,250
Monumentation Bond ............................... $ 8,0,00
Staff has reviewed this request and concurs with the release of the
existing bonds subject to providing the substitute bonds. The
Subdivision Warranty Bond is to remain in effect for one year from
the date of acceptance.
Director of Public Works/
City Engineer
~J~ry Ot%&son
Associate Civil Engineer
TDS:~O:klb:u-13627
A~achmen~