HomeMy WebLinkAboutCC 7 RELEASE OF BONDS 01-05-81DATE:
TO:
FROH:
SUBJECT:
December 19, 1980
No. 7
1~5~81
Inter-Corn
DAN' BLANKENSHIP~ CITY ADMINISTRATOR
BOB LEDENDECKER, DIRECTOR OF PUBLIC WORKS/CITY ENGINEER
ACCEPTANCE OF PUBLIC IMPROVEMENTS AND RELEASE OF BONDS
TRACT NO. 10495
Village Homes, the developers of Tract No. 10495, has requested
acceptance of all public improvements by the City and release of
all pertinent bonds. This is a residential development located
easterly of Newport Ave., southerly of Irvine Blvd. and directly
in back of Packer's Square commercial development.
Ail required public improvements have been completed by the
developer to the satisfaction of the Public Works Department.
Improvement Bonds which are ready for release are as follows:
Faithful Performance Bond
No. 2050-18-051204
Labor and Materials Bond
No. 2050-18-051204
Monumentation Bond
No. 2050-19-051204
$4800,00
$2400.00
$1500.00
The remaining Subdivision Warranty Bond No. 2050-18-051204 in the
amount of $480.00 must remain in effect for a period of one (1)
year from the date of acceptance of the public improvements until
January 5, 1982.
RECOMMENDATION:
It is recommended that the Tustin City Council, at their meeting
of January 5, 1981, authorize the release of the previously
mentioned bonds for Tract No. 10495.
BOB LEDENDECKER
DIRECTOR OF PUBLIC WORKS/
CITY ENGINEER
BL:db
cc: Mary Wynn