Item 17 - Reduction of Securities for Highlands Ranch TM 83-04 �.GENDA REPORT - G��� oF Po�,qy
CITY OF POWAY �
This report is induded on the Consen[Calendar.There will be no separate discussion of[he report prior to approval bythe — _.---
CiTy Council unless members of[he Council, sWff or public request it to be removed from the Consent Calendar a�d ��
discussed separotely.If you wish to have this report pulled for discussion,please fill out a slip indicatlng the report number y�°jr�-���,����rHe �°`���
and give it to the City Cleric prior to the beginning of the City Council meetlng.
T0: Honorable Mayor and Members of the City Council
FRON: James L. Bowersox, City Mana�'
C�
INITIATEO B�: Mark S. Weston, Director of Engineering Services ,�%!-�
Alan f. Schuler, Senior Civil Engineer�
Thomas A. Kerby, Pro,�ect Engineer
DATE: February 18, 1992
SUBJECT: Reduction of Securities for Highlands Ranch, TM 83-04, Highlands
Ranch Investors '83, Ltd. , Applicant
ABSTRACT
The sub3ect pro,ject is located north of Espola Road and east of Pomerado Road
(Attachment 1). The developer has requested a partial release of the securities
posted for the improvement plans (Attachment 2).
The City field inspection staff has field checked the site and determined that
the improvement work is nearly complete. At least 90X of the total improvements
were compteted by June, 1990. Consequently, the securities can be reduced to
the lOX minimum.
The remaining amounts will be released when the improvements are completed and
have been approved by the City.
FISCAL INPACT
None.
ENVIROtN1ENTAl REYIEM
No CEQA review is required for this report.
RECOIMENOATION
It is recortmended that the City Councll authorize the reduction of the perfor-
mance partion of the improvement security from E676,000 to �67,600 (Insurance
Company of the West Bond No. 02-73-06)
JLB/MSW/AFS/TAK/bw
ATTACHMENTS:
1. Vicinity Map
ACTION:
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REDUCTION OF PERFORMANCE
BOND FOR HIGHLANDS
CITY OF POWAY ITEM : RANCH - TM 83-04
TITLE : VICINITY MAP
FEB 18 t992 ITEN 17
SCALE : NONE ATTACHMENT : 1
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- Keith R. Kelley
ffiGHLANDS RANCH INVESTORS '83, LTD.
P.O. Box 1867
Escondido, CA 92033 .
FS � � i� I K �' '�_.�
7anuary 21, 1992 ,IAN 2 %' 1992
[NGI DEPArRTMCNT�CC:;
Alan Schuler - Senior Civil Engineer
c/o CITY OF POWAY ENGINEERING DEPARTMENT
13325 Civic Center Drive
Poway, CA 92064
RE: TRACI' 8&Ol (HIGHLANDS RANCH)
- PERFORMANCE BOND
- MONUMENTATION BOND
Dear Alan:
Regarding my letter W you the other day, enclosed you will find copies of previous
reports to Insurance Co. of the West regazding the bonds for the above-referenced project. .
- You will note that Steve Plante indicated that the proj�t was 95% complete when asked
by the Surety on February 26, 1990. Thought these might help in researching the issue.
I believe I requested a 95% reduction at that dme, but since it appeared that we were
close to "wrapping it up" (according to Steve), he advised that we wait and go to the Council
for final release. I agreed, and then the whole thing dropped through a crack somewhere.
My fault.
Actually, I would be very heipful if you would request the 95% reduction indicated,
rather than the 90% requested in my letter of a few days ago.
'Thanks, Alan......
S' ly,
� � �.
Keith R. Kelley -- General Partner
Aighlands Ranch Investors '83,Ltd.
cc: Insurance Company of the West
3 of 3 ATTACHMENT 2 FF$ 1 8 199G ��� 1 i