HomeMy WebLinkAbout1992-10-06; City Council; 11912; Mar Y Montanas & Capital Improvements ProjectY g;$ LIZ & a:
II 2 0 F 0 a
d 0 z 3 0 0
=r -e-- ,id
AB# j//q’& TITLE: DEP): 4
MTG./O~ -T
CW OF CARLSBAD - AGENP) BILL
CITY A‘
CITY M
e CT 81 -1 9 MAR Y MONTANAS
UNITS 1 & 2 DEFAULT
AND CAPITAL IMPROVEMENT PROJECT FORMATION DEPT--
RECOMMENDED ACTION:
Adopt Resolution No. 92-3 2?-- accepting funds in the amount of $1 62,555 from the Resolu
Trust Corporation (RTC) for the default of the LCJ Development Corporation on the sub
subdivision improvement agreement and appropriating said funds for development of a Car
Improvement Project to remedy outstanding final punch list deficiencies.
ITEM EXPLANATION:
The City Engineer declared LCJ Development Corporation, the developer, in default of
subdivision improvement agreement for project CT 81-19, Mar Y Montanas, units 1 and 2,
November 30, 1989. Demand was made shortly thereafter on the letter of credit held by
Federal Savings Bank which was in receivership. The RTC has sent the City a check in
amount of $162,555 as settlement of the demand.
The nature of the default centers around the developer not performing final punch list \n
transmitted to him on September 20, 1989. The work generally consists of removal
replacement of various concrete improvements, easement trench failure repairs, asphalt conc
repairs, and completion of various administrative requirements.
In order to remedy the above deficiencies staff recommends the formation of a Cal
Improvement Project to perform the work and authorization to utilize portions of these fund:
completion of items not appropriately included in the CIP. The Finance Director will make a
accounting after the work has been completed.
FISCAL IMPACT:
The settlement amount of $162,555 has been deposited into a trust fund. The full amount
be transferred to the capital project account upon adoption of the attached resolution. Any fu
in excess of project costs will be refunded to the appropriate party.
EXHIBITS:
1. Resolution No. 92 -302-
2. Location Map
I
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
11
18
19
20
21
22
23
24
25
L
26 27
28
e a
RESOLUTION NO. 92-302
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, ACCEPTING SURETY FUNDS AND
APPROVING FORMATION OF A CAPITAL IMPROVEMENT
PRO J ECT.
WHEREAS, LCJ Development Corporation has defaulted on the subdivision imp1
agreement for the project known as CT 81-19, Mar Y Montanas, Units 1 and 2;
WHEREAS, the City Council accepts funds in the amount of $1 62,555 from the R
Trust Corporation acting as agent for City Federal Savings Bank, the surety:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of (
‘b
California, as follows:
1.
2.
That the above recitations are true and correct.
That the above funds are appropriated for formation of a capital imp
project (CIP) to complete final punch list work not performed by the developer.
3. That the above funds may also be used for completion of final punch list
appropriate to include in the CIP.
PASSED, APPROVED AND ADOPTED at a regular meeting of the Carlsbad Cit
held on the khday of OCTOBER , 1992 by the following vote, to wit:
AYES: Council Members Lewis, Kulchin, Larson, Stanton, Nygaard
NOES: None
ABSENT: None
4.
ATTEST: I
A&i?wiE:kNzm (SEAL)