HomeMy WebLinkAboutCC 8 RELEASE OF BONDS 01-16-84AGENDA
DATE:.
JANUARY 5, 1984
CONSENT CAT~NDAR
NO. 8
1-16-84
Inter-Corn
TO:
WILLIAM HUSTON, CITY MANAGER
FROM: BOB LEDEND£CKER, DIRECTOR OF PUBLIC WORKS/CITY ENGINEER
SUBJECT:
ACCEPTANCE OF PUBLIC IMPROVEMENTS AND RELEASE OF BONDS -
TRACT NO. 10281
RECOMMENDATION:
That the Tustin City Council, at their meeting of January 16, 1984, accept the
public improvements within Tract No. 10281 and authorize the release of the
following bonds:
Bond #OSM 555 286 - Faithful Performance ....... $20,500.00
Bond #OSM 555 286 - Labor and Materials ........ $10,250.00
Bond #OSM 555 288 - Monumentation ---~ .......... $ 1,500.'00
BACKGROUND:
Tract No. 10281 is a condominium subdivision located southerly of First St. and
northerly of Second St. between "A" St. and Pacific St. As a part of the
conditions of approval of this tract, the developers, Corniche Development
Corporation (Jansvu Propertys' Inc.), was required to post public improvement
bonds in the following amounts:
Faithful Performance ........................... $20,500.00
Labor and Materials ............................ $10,250.00
Monumentation ........................... ~ ...... $ 1,500.00
Subdivision Warranty ........................... $ 2,500.00
DISCUSSION:
The developer, Corniche Development Corporation, has requested the City accept all
public improvements within Tract No. 10281 and release all pertinent bonds related
to this tract.
All public improvements related to Tract No. 10281 have been completed to the
satisfaction of the Public Works and Community Development Departments. Three of
the four bonds are now ready for release by the City as follows:
Faithful Performance
Labor and Materials
Monumentation
L
ACCEPTANCE OF PUBLIC IMPROVEMENTS AND RELEASE OF BONDS - TRACT NO. 10281
JANUARY 5, 1984
PAGE 2
The subdivision warranty bond ~OSM 555 287 must-remain in effect for a period of
one year after the City accepts the public improvements.
Bob Ledendecker
Director of Public Works/City Engineer
BL:jr