HomeMy WebLinkAboutCC 11 RELEASE OF BONDS 12-19-88TO:
WILLIAM HUSTON, CITY MANAGER
FROM: PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBJECT:
ACCEPTANCE OF PUBLIC IMPROVEMENTS AND RELEASE OF BONDS
FOR TRACT 12759
RECOMMENDATION:
For the Council meeting of December 19, 1988. Accept all public
improvements related to Tract No. 12759 and authorize the release of the
following bonds:
Faithful Performance #5241 0357 .............
Labor and Material #5241 0357 ...............
Monumentation #5241 0358 ....................
$444,900
$222,450
$ 10,500
BACKGROUND:
Tract No. 12759 is a seven (7) lot subdivision for apartments located
north of I-5, west of Tustin Ranch Road and east of E1 Camino Real. The
developer -was required to post the following subdivision bonds as a
condition of approval of said Tract No. 12759.
Faithful Performance #5241 0357 ..............
Labor and Material #5241 0357 ................
Monumentation #5241 0358 .....................
Warranty #5241 0357 ..........................
$444,900
$222,450
$ 10,500
$ 44,490
DISCUSSION:
Ail public improvements have been completed to the satisfaction of the
Public Works Department and are now ready for acceptance by the City.
The developer, Irvine Pacific, has requested that the City accept all
public improvements and release all bonds.
The subdivision warranty bond must remain in effect for a period of one
year after'the City Council's acceptance of said public improvements.
All other bonds are now ready for release.
Bob Ledendecker
Director of Public Works/City Engineer
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Jerry Otteson
Associate Civil Engineer