Item 19 - Acceptance of Public Improvements & Release of Securitites for TPM 90-04
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r- AGENDA REPORT .
I _ CITY OF POWAY
This report is included on the Consent Calendar. There will be no separate discussion of the report prior to approval by the
City Council unless members of the Council. staff or public request it to be removed from the Consent Calendar and
discussed separately If you wish to have this report pulled for discussion, please fill out a slip indicating the report number
and give it to the City Clerk prior to the beginning of the City Council meeting.
TO: Honorable Mayor and Members of the City Council
FROM: James L. Bowersox, City Man~
INITIATED BY: Mark S. Weston, Oirector of Engineering servic~~
Alan F. Schuler, Senior Civil Engineen~;
Thomas A. Kerby, Project Engineerrf' ~
DATE: March 23, 1993
SUBJECT: Acceptance of Public Improvements and Release of Securities
for TPM 90-04, G 750-91, Wal-Mart Stores; Wal-Mart Stores,
Inc. - Aoolicant
BACKGROUND:
The subject project is located south of Hilleary Place between Community Road
and Midland Road (Attachment 1). The developer executed the "Standard
Agreement for Construction of Public Improvements" on August 30, 1991.
The public improvements required for this development were the installation of
pavement, concrete curb and gutter, sidewalk, street lights, waterline, sewer
and storm drain.
The developer has requested the acceptance of the public improvements and
release of the securities.
FINDINGS:
The Engineering Services Oepartment has reviewed the facilities and found them
complete and the securities ready for release.
FISCAL IMPACT:
None.
ENVIRONMENTAL IMPACT:
This is considered a "ministerial action" and as such is not subject to
C.E.Q.A. review.
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r ACTION, "
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MAR 2 3 1993 ITEM 19
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Acceptance of Public Improvements & Release of Securities-TPM 90-04
March 23, 1993
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PUBLIC NOTIFICATION & CORRESPONDENCE:
Standard distribution.
RECOMMENDATION:
It is recommended that the City Council authorize the following:
1. Accept the public improvements and direct the City Clerk to release
the $853,900 performance portion of the improvement security
(Wachovia Bank of North Carolina Letter of Credit No. LC968-006467).
2. Oirect the City Clerk to reduce the $426,950 payment security to an
amount not less than the warranty security amount and the total
claimed by all claimants for whom claims of lien have been recorded
and notice thereof given in writing to the City Clerk, and if no such
claims have been recorded, the security may be reduced to $85,390
after 90 days (Wachovia Bank of North Carolina Letter of Credit No.
LC968-006467) .
3. Oirect the City Clerk to release the $85,390 warranty security if no
claims have been filed within one year of the acceptance of the
improvements (Wachovia Bank of North Carolina Letter of Credit No.
LC968-006467) .
4. Direct the City Clerk to release the $425,400 grading security
(Wachovia Bank of North Carolina Letter of Credit No. LC968-006467).
5. Oirect the City Clerk to release the monument security (Wachovia Bank
of North Carolina Letter of Credit No. LC968-006467).
JLB:MSW:AFS:TAK:bw
ATTACHMENTS:
1. Vicinity Map
MAR 2 3 1993 ITEM 19
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HILLEARY PLACE
CYNTHIA LANE
SITE
POWAY ROAD
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RELEASE OF SECURITIES AND
ACCEPTANCE OF PUBLIC
CITY OF POW A Y IT E M :IMPROVFMFNTS FOR TPM 90-04
WAL-MART STORES, INC.
@ SCALE, TITLE: VICINITY MAP
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NONE ATTACHMENT: 1
MAR 2 3 1993..
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