HomeMy WebLinkAbout01/19/1988, C-5 - ACCEPTANCE OF PUBLIC IMPROVEMENTS FOR TRACT 781 - UNIT III AND TRACT 1122, SOUTH STREET AND EXPOSITION DRIVE (GANN INVESTMENTS, SUBDIVIDER). TRACT 781 CREATED 36 SINGLE FAMILY LOTS PLUS 4 LOTS WHICH WERE COMBINED WITH OTHERS TO CREATE TR11111y pl0ll �U o MEETNG DATE: I III Pi
fifflIffibm COUNCIL ENOA REPORT ITEM NUMBE _ da
FROM: David F. Romero fr Wayne A. Peterson Prepared by: Gerald W. Kenny
SUBJECT:
Acceptance of Public Improvements for Tract 781 - Unit III and Tract 1122,
South Street and Exposition Drive (Gann Investments, Subdivider).
Tract 781 created 36 single family lots plus 4 lots which were combined
CAD RECOMMENDATION:
Adopt Resolution Accepting Public Improvements for Tract 781 and Tract
1122.
BACKGROUND:
DISCUSSION:
1. History and prior approvals: Tentative map approved by Resolution No. 3515
(1978 Series) Tract 687; final map approved by Resolution No. 4112 (1980
Series). All public improvements have now been constructed to city standards.
The City Council accepted partial improvements of Tract 1122 at its February 3,
1987 meeting and reduced the Bond. The remaining bond for Tract 1122 may now
be released.
2. Originally bonds were submitted in the amounts of $625,800 to cover
faithful performance of the public improvements, $312,900 to cover labor and
materials, and $700 to cover survey monuments. The bonds posted have since
been replaced with a $100,000 letter of credit for completion when original
bonding company went bankrupt. Upon approval, all but 10% of the original
performance bond will be released. The remaining 10% to be retained for one
year as a guarantee. ($62,580)
3. Reasonable Alternatives: If the Council believes the improvements are not
satisfactorily complete, the acceptance could be delayed. The item should be
continued for staff to determine the amount of the bond.
4. Concurrences: All concerned departments concur with the CAO
recommendation.
CONSEQUENCE OF NOT TAKING THE RECOMMENDED ACTION:
Delay will cost the subdivider money to maintain the various bonds.
ACTION RECOMMENDED:
Adopt resolution accepting public improvements for Tract 781 and Tract 1122.
RESOLUTION NO. (1988 Series)
A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN LUIS OBISPO
ACCEPTING THE PUBLIC IMPROVEMENTS FOR TRACT 781 AND TRACT 1122
WHEREAS, the Subdivision improvements for Tract 781 and Tract 1122.have
been satisfactorily completed, and
.WHEREAS, all public improvements have been constructed to city standards,
and
WHEREAS, the Subdivider has requested acceptance of the improvements.
NOW THEREFORE BE IT RESOLVED by the Council of the City of San Luis Obispo
that the public improvements for Tract 781 are hereby accepted for maintenance
by the City of San Luis Obispo and the Council authorizes the release of all
but $62,580 of the Faithful Performance surety, said amount being 10% of the
original bonds to be kept on file as a warranty for one year in accordance with
;the Subdivision Agreement and State Law. The bond for Tract 1122 may be
released after February 3, 1988.
On motion of seconded by
and on the following roll call vote:
AYES:
NOES:
ABSENT:
the foregoing Resolution was passed and adopted this day of
, 1988.
MAYOR
ATTEST:
CITY CLERK
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