HomeMy WebLinkAboutCC 5 RELEASE OF BONDS 05-21-90CONSENT CALENDAR NO. 5
5/21/90
DATE: MAY 11, 1990 KON.. wo Inter - Coin
TO: WILLIAM HUSTON, CITY MANAGER
FROM: PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBJECT: ACCEPTANCE OF PUBLIC IMPROVEMENTS AND RELEASE OF BONDS FOR
TRACT NO. 12763
RECOMMENDATION:
That the Tustin City Council accept all public improvements within Tract
Map No. 12763 and authorize the release of all faithful performance,
labor and materials, and monumentation bonds related to Tract No. 12763.
BACKGROUND:
The area within the subject Tract Map No. 12763 was developed by the
Irvine Company as Tustin Ranch - Phase II, and is generally located
northerly of Bryan Avenue, easterly of Jamboree Road, southerly of
Irvine Boulevard and easterly of Browning Avenue. As a condition of
approval of the development, the Irvine Company was required to post
certain public improvement and monumentation bonds as follows:
Faithful Performance Bond No. 5241-0525 ............ $1,138,000
Labor and Materials Bond No. 5241-0525 ............. $ 569,000
Monumentation Bond No. 5241-0526 ................... $ 32,000
DISCUSSION:
All work related to the above-mentioned public improvement and monument-
ation bonds within Tract No. 12763 has been completed to the
satisfaction of the Public Works Department and it is recommended that
these above-mentioned bonds be released and formally accepted by the
City Council.
The Subdivision Warranty Bond No. 5241--0525 in the amount of $113,80.0
must remain in force for a period of one year after the City accepts the
public improvements.
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Bob Ledendecker
Director of Public Works/City Engineer