HomeMy WebLinkAbout09 RELEASE OF BONDS 09-18-00 NO. 9
AGENDA REr-ORT .,
MEETING
DATE SEPTEMBER 18, 2000
TO:
FROM:
SUBJECT:
WILLIAM A. HUSTON, CITY MANAGER
PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
ACCEPTANCE OF PUBLIC IMPROVEMENTS AND RELEASE OF BONDS FOR TRACT NO.
15568 (SEDONA)
SUMMARY
All public improvements associated with Tract No. 15568 have been completed and the Public Works
Department is recommending release of the bonds.
RECOMMENDATION
It is recommended that the City Council release the following bonds for the indicated amounts:
Faithful Performance Bond No. 111'33371598 ........................................... $38,000.00
Labor and Material Bond No. 11133371598 .............................................. $19,000.00
Monumentation Bond No. 11133371606 .................................................... $56,000.00
FISCAL IMPACT
None.
BACKGROUND
The subject tract is bounded on the north by Tract No. 14366, on the south by Tustin Ranch Road, on the
east by Jamboree Road and on the west by Pioneer Road as shown on the attached location map.
As a condition of approval the developer, Kaufman and Broad Coastal, Inc,
following improvement bonds:
was required to post the
Faithful Performance Bond No. 11133371598 .......................................... $ 38,000.00
Labor and Material Bond No. 11133371598 .............................................. $19,000.00
Subdivision Warranty Bond No. 11133371598 ........................................... $ 3,800.00
Monumentation Bond No. 11133371606 .................................................... $ 56,000.00
DISCUSSION
The developer has completed all work related to public improvements and monumentation for Tract No.
15568 as required by the Conditions of Approval to the satisfaction of the Public Works Department. It is
recommended that the above mentioned bonds be released by the City Council. The Subdivision Warranty
Bond, however, will remain in effect for one year from the date of acceptance.
Tim D. Serlet
Director of Public Works/City Engineer
~e~ Off'son
Associate Civil Engineer
TDS:JO:ccg:Accep Pub Imp & Release bond TR 15568.doc
Attachment
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