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1991-0716_GLENFED DEV CORP._E9_Agenda Report AGENDA ITEM July 16, 1991 TO: Stephen B. Julian, City Manager FROM: William M. Huber, Director of Engineering & Building SUBJECT: Reduction of Certain GlenFed Sureties being Held for Private Improvements by the City for Tracts 12262 and 12423 in the GlenFed Development, Areas E & F, Mesa Vista SITUATION GlenFed Development has requested the City to reduce the level of sureties held as bonds for private improvements. The required improvements are very near completion with some additional work required that cannot be immediately finished. Therefore, it is prudent to reduce the listed Tracts 12262 and 12423 (Mesa Vista) as shown below. BOND EXISTING REDUCED COVERAGE TRACT AMOUNT AMOUNT Perform Private Street 12262 $102,207 $ 34, 030 Work is 75% complete Perform Private Street 12423 81,547 27,150 Work is 75% complete TOTALS: $183,754 $61,180 These improvements have been inspected and recommended for reduced amounts by the Engineering Division. NOTIFICATION Fidelity and Deposit Company of Maryland G lenFed Development Mesa Vista Homeowners Association P.J. Sanderson COMMISSION/BOARD REVIEW RECOMMENDATIONS Not applicable I FOR CITY COUNCIL AGEN tit . ci AGENDA ITEM July 16, 1991 Page 2 FINANCIAL CONSIDERATIONS None ALTERNATE ACTIONS 1. Approve the reduction and by motion, reduce the original bond amounts as shown above. 2. Do not approve the reduction of bonds. 3. Request additional information from Staff. RECOMMENDATION By motion, reduce the bond amounts of Tracts 12262 and 12423 for private street improvements as shown above. Respectfully submitted, ,d,X7 William M. Huber, P.E. W MH/RV:cl Attachment: Location Map