HomeMy WebLinkAbout08 RELEASE OF BONDS 05-19-03AGENDA REPORT
Agenda Item
Reviewed:
City Manager
Finance Director
MEETING DATE: MAY 19, 2003
TO:
FROM:
SUBJECT:
WILLIAM A. HUSTON, CITY MANAGER
PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
RELEASE OF BONDS FOR PARCEL MAP 99-196
(2741 & 2761 WALNUT AVENUE, JERSEY
ASSOCIATES)
BUSINESS CENTER
SUMMARY
All public improvements associated with. Parcel Map 99-196 have been completed and
accepted. The Public Works Department is now recommending release of the public
improvement bonds.
RECOMMENDATION
It is recommended that the City Council release the following bonds in the indicated amounts:
Faithful Performance Bond No. 3SM 983 726 00 ........................... $29,000.00
Labor and Material Bond No. 3SM 983 726 00 .............................. $14,500.00
Monumentation Bond No. 3SM 983 728 00 ................................... $1,400.00
Subdivision Warranty Bond No. 3SM 983 727 00 .......................... $ 2,900.00
FISCAL IMPACT
There is no fiscal impact to the City with this action.
BACKGROUND
Parcel Map 99-196 is located within the Irvine Industrial Complex on the north side of Walnut
Avenue, west of Myford Road. As a condition of approval, Jersey Business Center Associates
were required to post the subject bonds for the construction and replacement of any missing or
damaged public improvements adjacent to the project.
The work related to the public improvements and monumentation has been completed as
required by the conditions of approval to the satisfaction of the Public Works Department. The
public improvements were completed and accepted in January 2001. Therefore, it is appropriate
to release all subject bonds for this work.
by the City Council at this time.
Tim D. Serlet
Director of Public Works/City Engineer
Attachment: Location Exhibit
It is recommended that the subject bonds be released
D~'na R. Kasda'n ' ~
Engineering Services Manager
S:\City Council Items\2003 Council Items\Release of Bonds for PM 99-196.doc
LOCATION EXHIBIT
COTY
TUSTIN
RANCH
TU$TIN LEGACY
IFORMERLY MARINE CORP~
AIR ~TATIONI
COTY
COTY
PARCEL MAP
99-196
LOCATION
FILE: EXH-WALNUT 2741
-.. NO SCALE
,