| | | | | | | | Agenda Item - 4.d.
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 exoneration of the Improvement Bonds for a seven (7) unit apartment development, located at 12592 Lorna Street, Garden Grove. (Action Item) | Date: | 8/9/2016 |
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| | | | | | | | OBJECTIVE
To request City Council approval to exonerate the improvement bonds for a seven (7) unit apartment development, located at 12592 Lorna Street, Garden Grove - on the east side of Lorna Street, south of Lampson Avenue. |
| | | | | | | | BACKGROUND
The subject development was approved by the Planning Commission on July 17, 2014, to construct a seven (7) unit two-story apartment on a 19,500 square foot lot. |
| | | | | | | | 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 to the satisfaction of the City, 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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$130,034.00
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Labor and Material
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$65,017.00
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Monument
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$2,000.00
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| | | | | | | | FINANCIAL IMPACT
There is no impact to the General Fund. |
| | | | | | | | RECOMMENDATION
It is recommended that the City Council:
- Approve the exoneration of the improvement bonds for the seven (7) unit apartment development located at 12592 Lorna Street, Garden Grove - on the east side of Lorna Street, south of Lampson Avenue.
By: Kamyar Dibaj, EIT, Project Engineer
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