HomeMy WebLinkAboutCC 4 RELEASE OF BONDS 05-21-90is i r �t r fit
.;ONSENT CALENDAR N0. 4
5/21/90.
DATE: MAY 11, 1990 ,
Inter Cam
TO: WILLIAM HUSTON, CITY MANAGER
FROM: PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBJECT: ACCEPTANCE OF PUBLIC IMPROVEMENTS AND RELEASE OF BONDS FOR
TRACT NO. 13732, NO. 12868 AND NO. 13044
RECOMMENDATION:
That the Tustin City Council accept all public improvements within
Tract No. 12732, No. 12868 and No. 13044 and authorize the release of
all faithful performance, labor and materials, and monumentation bonds
related to those tracts.
BACKGROUND:
All three tracts were developed by the Bren Company and are generally
located as follows:
* Tract No. 12732 - southerly of Bryan Avenue and easterly of
Parkcenter Lane
* Tract No. 12868 - southerly of Bryan Avenue and westerly of
Parkcenter Lane
* Tract No. 13044 - northerly of E1 Camino Real and westerly of
Parkcenter Lane
As a condition of approval of these developments, the Bren Company was
required to post certain public improvement and monumentation bonds in
the amounts as follows:
Tract No 1,2732
Faithful Performance Bond No. 709-8163 ................. $570,000
Labor and Materials Bond No. 709-8163 $285,000
Monumentation Bond No. 709-8164 ........................ $ 51000
Tract No. 12868
Faithful Performance Bond No. 709-8154 ................. $185,000
Labor and Materials Bond No. 709-8154 $ 92,500
Monumentation Bond No. 709-8185 ........................ $ 101000
Tract No. 13094
Faithful Performance Bond No. 709-8178 $326,075
Labor and Materials Bond No. 709-8178 ......•............ $163,038
Monumentation Bond No. 709-8179 .....................0.. $ 15,000
ACCEPTANCE OF PUBLIC IMPROVEMENTS
MAY 11, 1990
PAGE 2
DISCUSSION:
All work related to the above-mentioned public improvement and
monumentation bonds within the three tracts has been completed to the
satisfaction of the Public Works Department and it is recommended that
the above-mentioned bonds be released and the public improvements be
accepted by the City Council.
The three subdivision warranty bonds:
Tract No. 12732 - Bond No. 709-8163 .................. $57,000
Tract No. 12868 - Bond No. 709-8154 .. $181500
Tract No. 13044 Bond No. 709-8178 .................. $32,608
must remain in force for a period of one year after the City accepts
the public improvements.
le
Bob Ledendecker
Director of Public Works/City Engineer