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HomeMy WebLinkAbout09 PM 2001-147 BOND 05-16-05 A G END A REPORT Agenda Item 9 Reviewed: . City Manager Finance Director ~ MEETING DATE: MAY 16, 2005 TO: WILLIAM A. HUSTON, CITY MANAGER FROM: PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION SUBJECT: RELEASE OF BONDS FOR PARCEL MAP NO. 2001-147 (13270 NEWPORT AVENUE, ALBERTSON'S, INC.) SUMMARY All public improvements associated with Parcel Map No. 2001-147 have been completed and accepted. The Public Works Department is now recommending release of the public improvement bonds. RECOMMENDATION It is recommended that the City Council release the following bonds in the indicated amounts: Faithful Performance Bond No. 23-000-283...........................................$163,000.00 Labor and Material Bond No. 23-000-283.............................................. $163,000.00 FISCAL IMPACT There is no fiscal impact to the City with this action. BACKGROUND Parcel Map No. 2001-147 is located at 13270 Newport Avenue. As a condition of approval, Albertson's, 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. A Monumentation Agreement and Bond were not required prior to map recordation since the monuments were set in the field and the Surveyor was compensated prior to Final Map recordation. In lieu of a Warranty Bond, the Performance Bond was held until correction of all warranty deficiencies, per City Code. The developer has completed all work related to the public improvements for Parcel Map No. 2001-147 as required by the conditions of approval to the satisfaction of the Public Works Department. The public improvements were completed and accepted on October 30, 2003. It is rec.omm,"ded thaI Ihe abo",-m,"I;""", bood, be ,e.",d " Ih;, I;me. ~ C/-è9.~ a~¡(A) Tim D. Serlet Dana R. Kasdan Director of Public Works/City Engineer Engineering Services Manager Attachment: Location Exhibit SXity Councit ltems12005 CouncilltemslRetease of Bonds for PM 2001-147.doc LOCATION MAP PARCEL MAP NO. 2001-147 tin ~f S~~U ~N~ COUNiY 01 ORANGE ~ NO SCALE ~ PROJECT LOCATION PARCEL MAP NO. 2001-147 "" EX<-PM 200H"