| | | | | | | | Agenda Item - 3.b.
City of Garden Grove
INTER-DEPARTMENT MEMORANDUM
| To: | Scott C. Stiles
| From: | William E. Murray
| | Dept.: | City Manager
| Dept.: | Public Works
| | Subject: | Approval to exonerate the Public Improvement Bonds for the Wesley Village apartment project located at 10882 Stanford Avenue, Garden Grove. (Action Item) | Date: | 10/24/2017 |
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| | | | | | | | OBJECTIVE
To obtain City Council approval to exonerate the Public Improvement Bonds for the completed 47-unit affordable apartment development project, Wesley Village, located on the west side of Main Street, north of Acacia Parkway, and south of Stanford Avenue, at 10882 Stanford Avenue, Garden Grove. |
| | | | | | | | BACKGROUND
The Wesley Village apartment project was approved by the Planning Commission at their meeting held on December 4, 2014, to construct 47 affordable apartment units for low to very-low income seniors and families. |
| | | | | | | | DISCUSSION
As a condition of approval for this development, three bonds were secured to guarantee the construction of on-site grading and drainage improvements and certain off-site improvements. 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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$26,846.00
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Labor and Material
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$671,138.00
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Monument
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$4,500.00
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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 Public Improvement Bonds for the Wesley Village, a 47-unit affordable apartment development project located on the west side of Main Street, north of Acacia Parkway, and south of Stanford Avenue at 10882 Stanford Avenue, Garden Grove.
By: Kamyar Dibaj, Project Engineer
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