Loading...
1979-1128_BELFORD TERRACE_I14_Agenda Report0 0 AGENDA ITEM November 28, 1979 TO: James S. Mocalis, City Manager FROM: W. D. Murphy, Director of Public Works SUBJECT: Acceptance of New Maintenance and Fine Grading Bonds, Tracts 7673, 8485 and 9382, Ortega Highway (Maurer) SITUATION The Building and Safety Division has inspected the above- mentioned tracts and finds that the stage of completion of the grading warrants a reduction in the amounts of the grading bonds for that work. Accordingly, the developer has submitted new Maintenance and Fine Grading Bonds in the amounts stipulated by the Director of Public Works. These amounts are tabulated on Exhibit I, attached. FINANCIAL CONSIDERATIONS There are no direct costs to the City seen in this action. ALTERNATE ACTIONS 1. Authorize staff to accept the new Maintenance and Fine Grading Bonds. 2. Do not authorize staff to accept the new Maintenance and Fine Grading Bonds. 3. Refer to staff. RECOMMENDATION By motion, authorize staff to accept the new Maintenance and Fine Grading Bonds for Tracts 7673, 8485 and 9382, as shown on Exhibit I. Respectfully submitted, W. D. Murphy WDM: JGG; rh Enc l.. y. ill 1' C11,11 V Ll EXHIBIT I GRADING BONDS, TRACTS 7673, 8485, 9382 1. Existing Grading Bonds Bonding Company: Covenant Mutual Insurance Company Tract Bond No. Amount 7673 006378 $355,070 8485 006379 379,789 9382 006380 530,885 2. New Maintenance and Fine Grading Bonds Bonding Company: Covenant Mutual Insurance Company Tract Bond No. Amount 7673 009099 $ 35,000 8485 009200 38,000 9382 009098 160,000 1