1991-0722_GLENFED DEV CORP._Bond Reduction % d
lit140 o%
• / +t, MEMBERS OF THE CITY COUNCIL
,ry� LAWRENCE F BUCHHEIM
F KENNETH E FRIESS
DWG USE t ,nierrourw GARY L HAUSDORFFR
ts n u .uo 1961 GIL JONES
cal1 JIB• 1776 ,I', JEFF VASQUEZ
• • CITY MANAGER
STEPHEN 8 JULIAN
•
July 22, 1991
GlenFed Development
16601 Ventura Boulevard, Suite 200
Encino, California 91436
Re: Reduction of Sureties - Tracts 12262 and 12423
Gentlemen:
At their regular meeting held July 16, 1991, the City Council of the City of San
Juan Capistrano received your request for a reduction in sureties for Tracts 12262
and 12423. Following consideration, Council approved the Engineering and
Building staff recommendation to reduce the sureties held for private
improvements for Tracts 12262 and 12423 as follows:
Private Street Improvements for Tract 12262 reduced to $34,030 from
$102,2`1;
X76)
Private Street Improvements for Tract 12423 reduced to $27,150 from
$81,547
Ray Vincenti, project engineer, will be contacting the bonding company for
submittal of new bonds reflecting the revised amounts. If you have any questions,
please let us know.
Very truly yours,
9Q71("j-61 .
Cheryl Johnson
City Clerk
cc: Fidelity and Deposit Company of Maryland
Director of Engineering and Building
Ray Vincenti
Dawn Schanderl
32400 PASEO ADELANTO, SAN JUAN CAPISTRANO, CALIFORNIA 92675 • (714) 493-1171
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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 'ss^'
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
GlenFed Development
Mesa Vista Homeowners Association
P.J. Sanderson
COMMISSION/BOARD REVIEW, RECOMMENDATIONS
Not applicable
FOR CRY COUNCIL AGEN', �,y..
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,
.dtkWilliam M. Huber, P.E.
W MH/RV:cl
Attachment: Location Map