1991-0806_GLENFED DEV CORP._E9_Agenda Report o D
CONSENT CALENDAR
AGENDA ITEM August 6, 1991
TO: Stephen B. Julian, City Manager
FROM: William M. Huber, Director of Engineering & Building i �2 Z
SUBJECT: Release of the Public Street Improvement Surety Bonds for Tracts
12829 and 12830 (GlenFed Development, Areas E & F, Loma Vista) and
Reduction to 30% of Value for Tracts 12262 and 12423 Public Street
Improvement Surety Bonds (Mesa Vista Areas E & F)
SITUATION
Developer has requested release and reduction of the following bonds.
Since the required work on portions of Tracts 12829 and 12830 has been satisfactorily
completed, Staff recommends release as noted in the list below, and reduce the bonds for
Tracts 12262 and 12423 as shown below.
GlenFed Development Co. has requested release and reduction of the following bonds.
All work covered by these bonds has been inspected and constructed to the satisfaction
of the City Engineer:
RELEASE THE FOLLOWING
TRACT 1l BOND #
Perform Public Street 12829 6154415 $198,480. 100%
Labor and Material 6154415 198,480,
Perform Public Street 12830 6154418 106,471. 100%
Labor and Material 6154418 106,471.
REDUCE THE FOLLOWING
REDUCE TO
Perform Public Street 12262 6154409 215,382. $64,615.
Labor & Material 6154409 215,382. 64,615.
Monumentation 4,888. 0.
Perform Public Street 12423 6154412 248,932, 74,680.
Labor & Material 6154412 248,932. 74,680.
Monumentation $2,999. 0.
The following bonds are to remain in force at full value:
Perform Private Street 12829 6154416 $144,175. 100%
Perform Private Street 12830 6154419 $162,945. 100%
FOR CITY COUNCIL AGEND .`y 1
J
J
AGENDA ITEM
August 6, 1991 •
Page 2
NOTIFICATION
Fidelity and Deposit Company of Maryland
GlenFed Development
Loma Vista Homeowners Association
Mesa Vista Homeowners Association
P. J. Sanderson
COMMISSION/BOARD REVIEW, RECOMMENDATIONS
None.
FINANCIAL CONSIDERATIONS
None.
ALTERNATE ACTIONS
1. Approve the motion accepting and authorizing the City Clerk to file the Notice of
Completion and release the public street improvement bonds for Tract 12829 and
12830 per the Exhibit "A" and reduce the public street improvement bonds for Tract
12262 and 12423.
2. Do not approve the Resolution.
3. Request additional information from Staff.
RECOMMENDATION
By motion, authorize the release of the bonds for Tracts 12829 and 12830 as listed under
the Situation section of the Agenda Item. Authorize the reduction of the bonds in Tracts
12262 and 12423 to the value recommended.
Respectfully submitted,
6,kS jac—W*ViAt
William M. Huber, P.E.
WMH/ROV:ssg
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