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