HomeMy WebLinkAboutCC 7 IMPROVEMENT BDS 12-17-90'-=� -- 3 0
DATE: DECEMBER 10, 1990
TO: WILLIAM A. HUSTON, CITY MANAGER
CONSENT CALENDAR NO. 7
12-17-90
Inter - Com
FROM: PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBJECT: REDUCTION OF IMPROVEMENT BONDS FOR TRACT NO. 12870
RECOMMENDATION:
That the Tustin City Council authorize the release of Faithful
Performance Bond No. 5241-05-98 in the amount of $11,540,526.00
and Labor and Materials Bond No. 5241-05-98 in the amount of
$5,770,263.00 subject to the posting of replacement bonds for
the six public streets and the three private streets in amounts
to be determined by staff to cover the cost of all remaining
improvements with Tract No. 12870.
BACKGROUND:
The Irvine Company, as the developer of Tract No. 12870, was
required to post certain bonds to ensure the completion of the
required public improvements within Tract No. 12870. These
improvements include sidewalks, curb and gutter, street paving,
street lights, landscaping, telephone and electric utilities,
natural gas, domestic water, reclaimed water, sewer and storm
drain facilities on the following public streets:
* Robinson Drive between Irvine Boulevard and
Jamboree Road.
* Keller Drive between Robinson Drive and
Jamboree Road.
* Greenway Drive between Tustin Ranch Road and
La Colina Drive.
* La Colina Drive between Greenway Drive and
Tustin Ranch Road.
* Gallery Way between Tustin Ranch Road and
Rawlings Way.
* Rawlings Way between Gallery Way and Township
Way (formerly Fairgate)
The following private streets which were formerly public
streets:
* Township Way (formerly Fairgate) between Tustin
Ranch Road and the northerly boundaries of Tract
No. 12870.
* Rawlings Way between Township Way and approximately
300 feet easterly.
* Champion Way westerly of Jamboree Road.
The following improvement bonds were posted on these streets:
TYPE NUMBER AMOUNT
Faithful Performance 5241-05-98 $11,540,526.00
Labor and Materials 5241-05-98 51770,263.00
Subdivision Warranty 5241-05-99 11154,052.60
Monumentation 5241-21-50 65,000.00
DISCUSSION:
The Irvine Company has requested that the Faithful Performance
and Labor and Materials Bonds be reduced to an amount to cover
the costs of the remaining improvements. These remaining
improvements are minor and basically consist of street lighting
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 our City's practice to
delay the final course of asphaltic concrete 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 and Materials) for the public streets and the posting
of two new bonds (Faithful Performance, and Labor and Materials
for the three private streets with the new bond amounts being
determined by staff.
Robert Ledendecker
Director of Public Works/City Engineer
RL:ccg