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11-0215_VILLAGE ALIPAZ_Release of Bonds MemorandumJoe Mankawich From: Sent: To: Cc: Subject: George Alvarez Wednesday, November 13, 2013 2:51 PM Joe Mankawich bowen@rutan.com; Keith Van Der Maaten; Maria Morris Re: Tract 16168 Improvement Bonds Joe, Looks good to me. George Sent from my iPad On Nov 13, 2013, at 1:28 PM, "Joe Mankawich" <JMankawich@saniuancapistrano.org> wrote: Are you going to be in today? I need to get this over to the City Clerk right away so that they may release the bonds. Evidently First American and Cove Estates want to close escrow on Friday. The bond release is a requirement of the escrow. If you are not coming in if you could please give me your comment or approval so that we may be able to meet their escrow time table. Thanks, Joe From: Joe Mankawich Sent: Wednesday, November 13, 2013 9:55 AM To: bowen@rutan.com Cc: George Alvarez Subject: RE: Tract 16168 Improvement Bonds Here is the memo releasing the old bonds. <Memo - Release of Surety 111313 .docx> Hi George, 1 32400 PASEO ADELANTO SAN JUAN CAPISTRANO, CA 92673 (949)493-1171 (949)493-1033 FAX www.sanj'uancapistrano. org MEMBERS OF THE CITY COUNCIL LARRY KRAMER DEREK REEVE JOHN TAYLOR SAMALLEVATO ROY L. BYRNES, M.D. November 13, 2013 ULLICO Casually Company 1625 Eye Street N.W. Washington D.C. 20006 Re: Release of Bond - Subdivision Improvement Agreement Tentative Tract Map 16168 Dear Sir or Madam: This letter is to inform you that the following bond issued to First American Title Company for Tract 16186 are officially refeased as of November 13, 2013: BOND NO. PURPOSE AMOUNT SB016000244 Landscape and Irrigation $ 31,335,50 SB016000243 Street, Water, Sewer, Storm Water and Monument $113,118,00 The City of San Juan Capistrano hereby fully and forever releases and discharges ULLICO Casualty Company from any and ali liability under the abovementloned bond number. The original - released - documents are enclosed. If you have any questions, please do not hesitate to call me at (949) 443-6310. Christy Jakl, CMC Deputy City Clerk Enclosures as noted cc: (Letter copy only) George Alvarez, City Engineer; Joe Mankawich, Associate Engineer Sincerely, San Juan Capistrano: Preserving the Past-to Enhance the Future Primed on 100% recycled paper • MEMORANDUM November 13, 2013 To: Maria Morris, City Clerk From: George Alvarez, City Engineer Subject: Tract 16168 Alipaz Village III (Cove Estates) - Release of Surety First American Title Company ("First American") is the previous owner of the approximately one acre vacant land subdivision located within the existing gated Village Alipaz community, accessible from Alipaz Street, across from South Coast Farms ("Property"), upon which it is contemplated will be developed for four residential homes. Cove Estates, LLC ("Developer") has purchased the Property from First American. A condition to the closing of the sale of the Property from First American to the Developer is the termination of the existing Subdivision Improvement Agreement for the Property between First American and the City and the exoneration of the corresponding bonds ("First American Bonds"). In order to approve such termination and exoneration, the City requires that the Developer enter into a new Subdivision Improvement Agreement with the City and provide replacement security. The City has received the new Subdivision Improvement Agreement and Improvement Bonds for the tract. With the furnishing of new bonds for the improvements as noted in the summary above, the bond release is recommended as follows: SURETY COVERAGE (Ullico Casualty Company) Bond Number Type of Improvement Bond Amount Bond #SB016000243 Street, Water, Sewer, Storm Drain and Monumentation $113,188.00 Bond #SB016000244 Landscape & Irrigation $ 31,335.50 Attachment: City Council Item approving change of ownership. CC: Joe Mankawich, Associate Engineer MEMORANDUM January 20, 2011 TO: Maria Qisesm&', City Cierk FROM: Sam Shoucair, Assistant Pubiic Works Director SUBJECT: Tract 16168 - Village Aiipaz- Bond submittal. in connection with the development of the subject tract and in accordance with it's subdivision improvement Agreement, please find attached, for your files, the original sets of the foiiowing improvement bonds amounts, including Water, that were submitted by the Developer (First American Title Company). Street and Related appurtenances $37,000 Storm Drain Sanitary Sewer $29,414 $23,350 $ 18,424 $ 113,188 Water and related appurtenances (110% of improvement Cost) Total above improvements Landscaping and irrigation $31,335