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HomeMy WebLinkAboutCC 15 IMPROVE BONDS 02-04-91DATE: TO: FROM: SUBJECT: JANUARY 30, 1991 WILLIAM A. HUSTON, CITY MANAGER CONSENT CALENDAR NO. 15 2-4-91 Inter - C©m PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION REDUCTION OF IMPROVEMENT BONDS FOR TRACT NO. 13627 RECOMMENDATION: That the Tustin City Council authorize the release of Faithful Performance Bond No. 5241-22-43, in the amount of $2, 841, 000 and Labor/Materials Bond No. 5241-22-43, in the amount of $1,420,500 subject to posting of replacement bonds for the remaining public improvements to be completed in the amounts to be determined by staff. BACKGROUND: The Irvine Company, as the developer of Tract No. 13627, was required to post certain bonds to ensure the completion of the required public improvements within Tract No. 13627. These improvements included sidewalks, curb and gutter, street paving street lights, landscaping, telephone and electrical utilities, natural gas, domestic water, reclaimed water, sewer and storm drain facilities on the following public streets: * Pioneer Way between Tustin Ranch Road and Pioneer Road. * Pioneer Road between Township Drive and Jamboree Road. * Patriot Way between Pioneer Road and Jamboree Road. * Peters Canyon Road between Pioneer Road and the westerly terminus of Peters Canyon Road. The following improvement bonds were posted on these streets: Type Number Amount Faithful Performance 5241-22-43 $2,841,000 Labor and Materials 5241-22-43 11420,500 Subdivision Warranty 5241-22-43M 284,100 Monumentation 5241-22-44 57,000 DISCUSSION: The Irvine Company has requested that the Faithful Performance and Labor/Materials Bonds be reduced to an amount to cover the costs of the remaining improvements. These remaining improvements are minimal and basically consist of street lighting, landscaping and the final wearing course of asphaltic concrete pavement. The cost to complete these improvements will be estimated by staff. As a result of the slowing economy, it is anticipated that the buildout of the residential units adjacent to these streets will take three to four years. It has been the City's practice to delay the final course of the asphaltic concrete pavement placement until most of the development is completed. Staff concurs with the release of the existing two bonds, subject to the posting of two new bonds (Faithful Performance and Labor/Materials) for the remaining public right-of-way improvements. Bob Ledendecker Director of Public Works/City Engineer BL:ccg