HomeMy WebLinkAboutCC 3 RELEASE OF BONDS 04-05-82 ENDA
DATE: MAR(~ 19, 1982
CONSENT CALENDAR
No. 3
4-5-82
Inter-eom
TO:
FROM:
SUBJECT:
WILLIAM HUSTON, CITY MANAGER
BOB r.~ESI)ECKER, DIRECfOR OF PUBLIC AI]I~{S/CITY 5:~GINEER
ACCEPTANCE OF PUBLIC IMPROVEMENTS AND R~.T.mASE OF BO~DS
TRACT NO. 10707
~ION:
That the Tustin City Council, at their meeting of April 5, 1982, accept all public
improvements within Tract No. 10707 and authorize the release of three bonds as
follows:
Faithful Performance - ~3C-300094
Labor and Materials - ~OC-300094
Monum~ntation - 9OC-30009~
BACKGROUND:
Tract No. 10707 is an industrial condominium development lOcated on the southerly
side of Bell Avenue and westerly of Red Hill Ave. As a condition of approval of
the final tract map, the developer was required to post the following bonds to
insure completion of the public improvements related to this development:
Faithful Performance ~OC-300094 ......... $120,000.00
Labor and Materials 90C-300094 .......... 60,000.00
Subdivision Improvement Warranty ~3C300095 .... 12,000.00
Monumentation ~OC-300096 ............. 2,000.00
DISCUSSION:
The developer, S.I.R. (Farwest Savings and Loan), has requested City acceptance of
the required public improvements and the release of three bonds:
Faithful Performance
Labor and Materials
Monumentation
The subdivision warranty bond must remain in effect for a period of one (1) year
after the date of acceptance by the City of the public improvements.
All work has been c~%ipleted to the satisfaction of the Public Works Department and
the Tustin Water Service.
~BOB LEI)ENDECKER
DIRECTOR OF PUBLIC WORKS/
CITY ENGINEER
~ db j