| | | | | | | | Agenda Item - 4.c.
City of Garden Grove
INTER-DEPARTMENT MEMORANDUM
| To: | Scott C. Stiles
| From: | William E. Murray
| | Dept.: | City Manager
| Dept.: | Public Works
| | Subject: | Approval of the Bond Exoneration for the Improvement Bonds for Tract Map No. 17871 for the property located at 227 feet southeast from the center line intersection of Stanford Avenue and Brookhurst Way, Garden Grove. (Action Item) | Date: | 8/28/2018 |
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| | | | | | | | OBJECTIVE
To request City Council approval to exonerate the improvement bonds for Tract Map No. 17871 located 227 feet southeast from the center line intersection of Stanford Avenue and Brookhurst Way, Garden Grove. |
| | | | | | | | BACKGROUND
The subject subdivision was approved by City Council on July 8, 2015, and it is a 3.76-acre site, with common areas for landscaping, parking, recreation purposes, common area for private streets, drainage and utilities, and to construct apartment units of residential development on individual lots. An easement for a domestic water system and appurtenances has also been dedicated. |
| | | | | | | | DISCUSSION
The Subdivision Improvement Agreement requires the posting of improvement bonds to ensure completion of the improvement of street, sewer, water, drainage, related onsite improvements for the subject development. With the work completed, the following improvement bonds are ready for exoneration:
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Public Improvement
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Amount
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Faithful Performance
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$976,630.00
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Labor and Material
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$488,315.00
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Monument
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$4,480.00 cash
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| | | | | | | | FINANCIAL IMPACT
There is no financial impact to the General Fund. |
| | | | | | | | RECOMMENDATION
It is recommended that the City Council:
- Approve the exoneration of the improvement bonds listed above for Tract Map No. 17871 located 227 feet southeast from the center line intersection of Stanford Avenue and Brookhurst Way, Garden Grove.
By: Kamyar Dibaj, M.S.
Project Engineer
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