HomeMy WebLinkAboutCC 3 RELEASE OF BONDS 08-03-81DATE:
TO:
FROM:
S UBd E(:T:
JCTL¥ 24, 1981
~ C~T ,;;NDAR
8-3-81
Inter -Cam
That the Tustin City Council, at their m~eting of August 3, 1981, accept all public
improvements within Tract No. 8763 and release all pertinent public imgrovement
bonds.
The Irvine Company has requested the City's acceptance of the remaining public
improvements within Tract No. 8763 (Industrial ~,~lex southerly of Walnut Avenue and
easterly of Peppertree homes) and the release of Bond No. 2584137 in the amounts as
follows:
Faithful Performance ............... $26,875.00
Labor and Material ................ 13,437.50
In addition to the above bc~d; the Irvine C~,~any has requested the release of a
performance Bc~d No. 2620790 in the ~ount of $150,000.00. This Performance bond was
for the construction of an interim two lane roadway at grade across the AT & SF
Railroad Tracks, between Dow Avenue and Mculton Parkway.
This bond was posted to guarantee the construction of the roadway for a 5-year
interim period in the event traffic counts generated by the Industrial u%m,,plex
ex ~cccded those as set forth in the original EIR traffic study. To date, the traffic
counts have not exceeded the original desginated limits and the industrial u~,~lex is
approximately 90% developed. Walnut Avenue has been extended to Harvard Avenue
within the City of Irvine and provides a secondary outlet for traffic traveling in
the southbound direction.
It is staff's view that this interim roadway is no longer ncc~ed. In addition, it is
questionable as to whether it could even be constructed at grade across the. AT & SF
Railroad Tracks under present day P.U.C. and raiload regulations. Therefore, it is
reu~;..;~nded that the City Council authorize the release of Performance Bond NO.
2620790.
BOB L~I~qDECIKER
DIRECTOR OF PUBLIC ~DRKS/
CIT~ ~INR~
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cc Irvine Co.