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HomeMy WebLinkAbout1977-07-05; City Council; 2219-4; New Bond Agreement Substitutuion CT 73-23 Hester NE Paseo Del Norte at Poinsettia Lane"•)*>*<• • . .-»- 4 " "' W ' - *,-;. 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