HomeMy WebLinkAbout06 RELEASE OF BONDS 02-06-95NO. 6
2-6-95
,.)ATE:
FEBRUARY 6, 1995
Inter-Corn
TO: WILLIAM A. HUSTON, CITY MANAGER
FROM: PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBJEC~ RELEASE AND REPLACEMENT OF BONDS AND AGREEMENTS FOR TRACT
14110 (LDM DEVELOPMENT, INC. AND GREYSTONE HOMES)
RECOMMENDATION
That the Tustin City Council authorize the release of the following
bonds for the indicated amounts:
Faithful Performance Bond No. 2144225 ........... $35,000.00
Labor and Materials Bond No. 2144225 ............ 17,500.00
Subdivision Warranty Bond No. 2144225 ........... 3,500.00
Monumentation Bond No. 2144235 .................. 4,200.00
It is also recommended that the City Council release the Subdivision
Agreement and the Monumentation Agreement which were entered into with
LDM Development, Inc.
FISCAL IMPACT
None.
BACKGROUND
The subject tract is located on Greenway Drive adjacent to Tustin Ranch
Road. The tract was originally being developed by LDM Development, Inc.
LDM has subsequently gone out of business. The development is being
taken over by Greystone Homes.
As a condition of release of the subject bonds and agreements, Greystone
Homes has furnished the City with the following:
Faithful Performance Bond No. 35M80544000 ........... $4,000.00
Labor and Materials Bond No. 35M80544000 ............ 2,000.00
Subdivision Warranty Bond No. 35M80544000-A ......... 3,500.00
Subdivision Agreement
The bond amounts required of Greystone Homes were reduced from the bond
amounts required of LDM Development, Inc., due to the improvements which
have already been completed per approved plans. Upon final completion
of the improvements, the City will release the bonds provided by
Greystone Homes in accordance with normal procedures.
Release and Replacement of Bonds and Agreements for Tract 14110 (LDM
Development, Inc. and Greystone Homes)
February 6, 1995
Page 2
It was not necessary for Greystone Homes to' furnish a monumentation
agreement and bond. The monumentation was set by Nolte and Associates
per a letter received from them stating same.
·
Director of Public Works/
City Engineer
Wendy E ? HE1 l~an
Junior Civil Engineer
TDS: WEH: ccg: trl4110
CJU.[ BeZJ~(X~T[
17. C,4LJ~ WC~.C~A
~'US DN
RANCH
COURSE
~Y Iq
II
II
16. CAL~ ~dAD~S
20~ E:STAH~A
/
/
/ /
/ /
/ /
/
/
24,
~. K~.N~LrY D~.
27. H. I~MN~ C'T.
2~. S. I,U,(:KAY CT.
3") S. CGaK CT.
?
?
/
/
/
/
/
/
/
/
/