HomeMy WebLinkAbout10 ACC IMP & REL BONDS 04-03-07
AGENDA REPORT
Agenda Item
Reviewed:
City Manager
Finance Director
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N/A
MEETING DATE: APRil 3,2007
TO: WilliAM A. HUSTON, CITY MANAGER
FROM: PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBJECT: ACCEPTANCE OF PUBLIC IMPROVEMENTS AND RELEASE OF BONDS
FOR PARCEL MAP NO. 2005-224 (M2 PROPERTIES, INC)
SUMMARY
All public improvements associated with Parcel Map No. 2005-224 have been completed. In
addition, all monuments associated with the Parcel Map have been set, inspected and verified
as complete. The Public Works Department is now recommending acceptance of the public
improvements and release of the public improvement and monumentation bonds.
RECOMMENDATION
It is recommended that the City Council accept the public improvements and release the
following bonds in the indicated amounts:
Faithful Performance Bond (cash deposit) .......................................................... $ 50,500.00
labor and Material Bond (cash deposit) .............................................................$ 25,000.00
Monumentation Bond (cash deposit) .................................................................... $ 1,000.00
FISCAL IMPACT
There is no fiscal impact to the City with this action.
BACKGROUND
Parcel Map No. 2005-224 is located at 1382 Valenica Avenue, at the southeast corner of
Valencia Avenue and Mosher Avenue. As a condition of approval, M2 Properties, Inc. was
required to post the subject bonds as part of the development of the site and for the construction
and replacement of public improvements adjacent to the project.
The developer has completed all work related to the public improvements and monumentation for
Parcel Map No. 2005-224, as required by the conditions of approval, to the satisfaction of the
Public Works Department. The public improvements were completed on March 13, 2006. It is
recommended that the above-mentioned bonds be released by the City Council. The Subdivision
Warranty Bond (cash deposit of $ 5,000.00) will remain in effect for one year from the date of
completion of the public improvements, which will be March 13, 2008.
Dana R. Kasaan
Engineering Services Manager
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Tim D. Serlet
Director of Public Works/City Engineer
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Attachment: Location Exhibit
S:\City Council Items\2007 Council Items\Accept imps & Release of Bonds for PM2005-224.doc
PROJECT LOCATION
PARCEL MAP NO. 2005-224
LOCATION MAP
PARCEL MAP NO. 2005-224
COUNTY
OF
ORANGE
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NO SCALE
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FILE; EXH-PU 2005-224
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