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1979-1128_BELFORD TERRACE_I16_Agenda ReportAGENDA ITEM November 28, 1979 TO: James S. Mocalis, City Manager FROM: W. D. Murphy, Director of Public Works SUBJECT: Acceptance of New Bonds and Release of Public Improvement Bonds, Tracts 7673, 8485 and 9382 Omega Highway (Maurer) SITUATION Maurer -Elliott Construction Company is requesting that staff accept portions of the public improvements in the subject tracts. Staff recommends approving this request due to the growth management phasing of the tracts. The improvements to be accepted have been completed and accepted by inspection personnel. The process to release these bonds will include accepting new bonds to cover those improvements to be completed in the future. It should be clarified that the labor and material bonds are being released, but the performance bonds, insuring quality of materials and con- struction, will still be held. FINANCIAL CONSIDERATIONS The labor bonds to be released an, accepted are tabulated below: Tract Release Bond No. 7673 006245 $ 538,572 8485 006248 663,624 9382 006251 521,927 ALTERNATE ACTIONS Accept Bond No. 006245-A $ 80,000 006248-A 132,724 006251-A 156,000 1. Accept the improvements and release the existing bonds. 2. Do accept the improvements. 3. Refer the matter to staff for revision. RECOMMENDATION By resolution, determine that certain portions of the public improve- ments in Tracts 7673, 8485 and 9382 have been completed and declare the work to be accented; direct staff to file a Notice of Completion with the Orange County Recorder within ten days from date of acceptance. FOR CITY COUNCIL AGENDA ..j, ..... • 0 so Acceptance of Improv*-nt Bonds -2- Noonber 28, 1979 Tracts 7673, 8485 & 9382 By motion, require an extension of the faithful performance bond for the public improvements being accepted to November 28, 1980, and direct staff to accept new labor and material bonds for the work remaining to be completed in Tracts 7673, 8485 and 9382 and to release the: LSU sting labor and material bonds upon the expir- ation of thirty-five days from the date the Notice of Completion is filed. Respectfully submitted, W. D. Murphy WDM:GML/rem Encls.