HomeMy WebLinkAbout1977-07-05; City Council; 2219-4; New Bond Agreement Substitutuion CT 73-23 Hester NE Paseo Del Norte at Poinsettia Lane"•)*>*<• • . .-»- 4
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QITY OF CARLSBAD
AGENDA BILL NO. 2219 - Supplement No. k Initial
DATE: ' July 5, 1977
DEPARTMENT: Engineering _ C. Mgr.
Subject: Mew Bond and Agreement Substitution
CT 73-23 Hester - N/E of Paseo Del Norte
at Poinsettia Lane _ _ ___
Statement of the Matter . '-3>
Occidental Land, Inc., has not been able to complete public improvements
required with this subdivision within the time limit specified in the
improvement agreement," executed in February, 1975. The Final Map of
CT 73-23 was approved by Council February 18, 1975.
Agreement and bond amounts have been increased to meet higher construction
costs. The time limit on the agreement has been extended to 2k months to
allow Occidental time to work out problems with the Coastal Commission.
Council approval is necessary to permit substitution of the attached new
bonds and agreement for existing bonds and agreement.
Exhibits
Letter from Occidental Land, Inc.
Location Map
Recommendations
Adopt a motion accepting the new bonds and agreement and
authorizing the City Clerk to release existing bonds and
agreement to Occidental Land, Inc.
Council action
7-5-77 The new bonds and agreement were accepted and the City Clerk
authorized to release existing bonds and agreement to
Occidental Land, Inc.
occiDemraL iano, inc.
10889 WILSHIRE BOULEVARD, LOS ANGELES, CALIFORNIA 90024 • (213) 879-1700 • 477-0066
June 20, 1977
Mr. Paul Bussey
City Manager
City of Carlsbad
1200 Elm Avenue
Carlsbad, California 92008
Dear Mr. Bussey:
Enclosed herewith are the following with reference to the exten-
sion of the Approvement Agreement for the subdivision of land
within the City of Carlsbad known as CT 73-23.
1. Improvement Agreement
2. Faithful Performance Bond $556,000
3. Labor and Materials Bond 278,000
4. Monumentation Bond 2,500
The executed copy of the new Improvement Agreement is identical
in terms to the old one with the exception of the term being
24 months instead of 12 months.
I know from reviewing the files, there was a secured agreement
for Completion of Traffic Signals dated February 21, 1975. Is
it necessary for us to also execute a new agreement in similar
form to such agreement? If so, please forward same and we will
execute.
In any event, you now have all of the renewal bonds in the in-
creased amount that you requested and we would appreciate re-
ceiving from you the renewal bond which was previously forwarded
to you by our Surety in the original amount, so that we may return
it to the Surety and not have two Faithful Performance Bonds out-
standing, one in the amount of $556,000 (which is forwarded herewith)
and the other in the amount of $444,000 which was renewed in
February by our bonding company.
Your assistance in this matter is greatly appreciated.
Very truly yours,
Smith
General Counsel
GRS:mm
encls
cc: Jim Johnson,Ken Wasmann,Tony McCloskey,
Jim Dulebohn, Gary Tisserat