1992-0603_GLENFED DEV CORP._Bonds •
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1 in I f%_ • MEMBERS OF THE CITY COUNCIL
9 JERRY HARRIS
KENNETH E FRIESS
DRUG USE G1' I - IAIAAIIAAIII GARY L HAUSDORFER
IS oils.l. 1961 GIL JONES
el 1776 JEFF VASQUEZ
CITY MANAGER
STEPHEN B JULIAN
June 3, 1992 •
Mr. Mark Knepper, Vice President - Finance
Newport National Corporation
5962 La Place Court, Suite 200
Carlsbad, CA 92008
Re: Mesa Vista Townhomes
Tract 12423, 12262, 12735, 12736
Dear Mr. Knepper:
The June 1st request to reconsider the bond requirements set forth in the March 9th
letter has been reviewed. It is also understood that the performance of public
improvements is not being assumed by CCL Realty, for whom Newport National
Corporation is the development/construction manager. It is understood that CCL
Realty is in escrow to purchase the remaining and yet to be built 97 units from Glen
Fed Development. A requirement of that escrow is that Glen Fed's bonds be
replaced. For the subject tracts, and superseding the March 9th bonding letter, the
following bonds are to be in full force and effect until notification by the City;
Tract 12423 Performance (Private Improvement) $27,150
Tract 12262 Performance (Private Improvement) $34,030
Tract 12735 Not applicable.
Tract 12736 Not applicable.
The above bonding requirements are set forth in the Tract Improvement
Agreements. These agreements are between the City and Glen Fed Development
Corporation and the mechanism regarding assignment is being determined by the
City Attorney.
Should there be any questions or additional information is needed, do not hesitate to
contact me or R. Anthony Foster, Engineering Assistant.
Ver truly you ,
L5L0,eodore G. Simon
City Engineer
TG S:ssg
cc: George Scarborough
William M. Huber
Cheryl Johnson -------------
Richard
-�Richard Denhalter
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