Loading...
1979-1003_CRAIG DEVELOPMENT CORP_I9_Agenda Report0 0 AGENDA ITEM October 3, 1979 TO: James S. Mocalis, City Manager FROM: W. D. Murphy, Director of Public Works SUBJECT: Release of Public Improvement Bonds, Tracts 8319 and 8087 (Meredith) SITUATION The developer of the subject tract has requested that the City accept the public improvements and release the surety. The public improvements have been completed and accepted by the City Inspector. The City is requesting a Notice of Completion to be filed with the County Recorder. The surety devices for this tract are: Surety Device Surety Amount Company Tract Purpose Bond #090824 $359,000 Argonaut Ins. 8087 Faithful Per- formance Bond #090824 359,000 Argonaut Ins. 8087 Labor and Mat- erials and monumentation Bond #090823 202,100 Argonaut Ins. 8319 Faithful Per- formance Bond #090823 202.,100 Argonaut Ins. 8319 Labor and Mat- erials and monumentation FINANCIAL CONSIDERATIONS There is no cost or compensation to the City for this action. ALTERNATE ACTIONS 1. Accept the public improvements resulting from Tracts 8087 and 8319, require a Notice of Completion to be filed, require an extension of the Faithful Performance sureties for public improvements to October 3, 1980, and exonerate the Labor and Material and monumentation sureties for the public improvements. 2. Do not accept the public improvements resulting from Tracts 8087 and 8319. 3. Request further study by staff. I FOR CIT( COUNCIL AGENDA . ; .iii^• 2 RECOMMENDATION 0 By resolution, determine that the work resulting from Tracts 8087 and 8319 has been completed and declare the work to be accepted; and direct that within (10) ten days from the date of acceptance, a Notice of Completion be filed with the Orange County Recorder. By motion, require an extension of the Faithful Performance sureties to October 3, 1980; and direct staff to exonerate the Labor and Material and monumentation sureties upon the expiration of (35) thirty-five days from the filing of the Notice of Completion. Authorize staff to release Faithful Performance sureties on October 3, 1980. Respectfully submitted, W. D. MurphIT WDM:CMB/tw Enclosures