HomeMy WebLinkAboutAGENDA REPORT 1994 1019 CC REG ITEM 08RAGENDA REPORT " ' '
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TO: The Honorable City Council
FROM: Dirk Lovett, Assistant City Engineer
Kenneth C. Gilbert, Director of Public Works J
DATE: October 7, 1994 (Council Meeting 10- 19 -94):�
SUBJECT: Consider Request for the Exoneration and /or Reduction of
Bonds for Improvements in the Following Tracts in PC -3:
4340 -1; 4341; 4341 -4; 4342; 4342 -6 & 4792 (California
Community Builders)
DISCUSSION
A. Request for Bond Exoneration
The City is in receipt of a request from California Community
Builders (Formally Urban West Communities) for the exoneration
and or reduction of a number of bonds for improvements in a
number of Tracts within PC —C. The City Engineer has reviewed
that request and, based on the status of the improvements
guaranteed by those bonds recommends the action noted below.
Original Current Recommended
Tract Code Bond I Ref Surer Co. Type Amount Amount Action
4340 -1
D
11132540250
105 -2
American
Performance /
1,111,000
1,111,000
Reduce Bond to
Ins Co
Payment
253
4341
E
11132539856
127 -8
American
Grading
412,500
412,500
Reduce Bond
Ins Co
to 253
4341 -4
E
11132649069
127 -8
American
Street &
323,200
323,200
Reduce to 103
Ins Co
Storm Drain
for a period
Impr
of 1 year
4342
F
11132539864
80 -1
American
Grading
643,500
643,500
Reduce Bond
Ins Co
to 253
4342 -6
F
11132649044
110 -1
American
Street &
123,600
123,600
Reduce to 103
Ins Co
Storm Drain
for a period
Improv
of 1 year
4792
G
8481
168 -1
Pac States
Grading -
103,570
103,570
Reduce Bond to
Casualty
Perfm N/E Cor
253
Mt Trl &
Country Hill
exon27 -1
00265
PC -3 Bonds
October 19, 1994
Page 2
RECOMMENDATION
Staff recommends that the City Council authorize the City Clerk to
exonerate and /or reduce certain bonds as set forth in this report.
exon27 -1
00266