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