HomeMy WebLinkAbout04 REL BONDS-PROJ FAIR SHARE 02-20-07
AGENDA REPORT
MEETING DATE: FEBRUARY 20, 2007
FROM: WILLIAM A. HUSTON, CITY MANAGER
TO: PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBJECT: RELEASE OF FAITHFUL PERFORMANCE BONDS FOR PROJECT FAIR
SHARE OF TUSTIN LEGACY BACKBONE INFRASTRUCTURE
(WL HOMES, LLC)
SUMMARY
Pursuant to DDA 03-01 and DDA 03-03 the Developer, WL Homes, LLC was required to post
Faithful Performance bonds for their fair share of the Tustin Legacy Backbone Infrastructure
Program. Subsequently, a Community Facilities District (CFD 04-01) was' formed, bonds were sold,
and the City has received funds for the Developer's fair share of Legacy backbone improvements.
WL Homes, LLC has requested release of their Faithful Performance Bonds to reflect City receipt of
CFD funds.
RECOMMENDATION
It is recommended that the City Council release Faithful Performance Bonds, No. SU5009734 and
No. SU5002715, in the total amount of $9,733,438.00.
FISCAL IMPACT
There is no fiscal impact to the City with this action.
BACKGROUND
Tract Map No. 16474 (Tustin Field I) and Tract Map No. 16507 (Tustin Field II) were formed as a
result of DDA 03-01 and DDA 03-03. Approvals of DDA 03-01 and DDA 03-03 required the
Developer to provide Faithful Performance Bonds for their fair share of the Tustin Legacy Backbone
Infrastructure Program. The City received two bonds in the amounts $4,960,000.00 and
$4,773,438.00 for DDA 03-01 and DDA 03-03, respectively. A Community Facilities District has
been formed, bonds have been sold at a public sale, and the City has received the funds for the
Developer's fair share of backbone infrastructure improvements.
WL Homes, LLC has submitted a letter requesting release of the subject Faithful Performance Bonds
to reflect City receipt of CFD No. 04-01 funds.
Director of Public Works/City Engineer
Doug Anderson
Transportation and Development
Services Manager
Attachment: Location Exhibit
S:\City Councilltems\2007 Councilltems\Release of Bonds for DDA 03-01 & DDA 03-03.doc
LOCATION MAP
TRACT MAPS 16474
AND 16507
~
NO SCALE
PROJECT LOCATION
TR ACT 1 64 7 4
PROJECT LOCATION
TRACT 16507
t
FILE: TR 16474 AND 16507.DWG