HomeMy WebLinkAbout08 - Resubdivision No. 1043 Subdivision Agreementa November 8, 1999
CITY COUNCIL AGENDA
ITEM NO. 8
TO: Mayor and Members of the City Council
FROM: Public Works Department
SUBJECT: APPROVAL OF SUBDIVISION AGREEMENT FOR RESUBDIVISION
NO. 1043, NEWPORT COAST CHILD DEVELOPMENT PRESCHOOL
AND ST. MATHEW'S CHURCH SITES
LOCATION: Southerly of Bonita Canyon Drive, easterly of Prairie Road and
northerly of Ford Road
DEVELOPER: David M. Guggenheim
RECOMMENDATIONS:
1. Approve the improvement plans and specifications and accept the public
improvements constructed in conjunction with Resubdivision No. 1043.
2. Authorize the City Clerk to release the $18,000 faithful performance surety and
$18,000 labor and material surety in the form of a Bank Set -Aside Letter with
Northern Trust Bank dated October 18, 1999.
DISCUSSION:
The public improvements constructed in conjunction with Resubdivision No. 1043 have
been inspected and are satisfactory for acceptance.
The public improvements construction included the widening of Ford Road along the
property frontage. The improvements will be maintained by the City.
An exhibit is attached for reference.
Z Res ctf 11 ubmitted,
Don Webb
Public Works Director
Richard L. Ho s adt, P.E.
Development Engineer
Attachments: Set -Aside Letter
. Exhibit
f.Wsers%pbMshared%mur,dW- 194fto ember- V- rea1043.dm
July 9, 1998
Northern Trust Bank
City of Newport Beach
P.O. Box 1768
Newport Beach, CA 92658 -8915
620 Newport Center Drive, Suite 200, Newport Beach, California 92660 ^ (949)717 -5500
ATTN: Public Works Department
RE: Resubdivision No. 1043
2300 & 2350 Ford Road
Daniel M. Guggenheim, Owner
Gentlemen:
On behalf of our client, Daniel M Guggenheim, Northern Trust Bank of California N. A. has set aside $36,000.00
to finance the construction of certain property as required by the Newport Beach Municipal Code ($18,000.00 for
the faithful performance surety and S 18,000.00 for the labor and materials surety).
The $36,000.00 shall be held until (lie City Council accepts (lie street improvements and releases the surety.
In the event that Daniel M. Guggenheim fails to complete and/or pay for the property improvements as required,
all funds shall be immediately available to the City of Newport Beach to complete and pay for (lie cost of said
improvements.
THIS IS AN IRREVOCABLE COMMITMENT TO FUNDS WHICH ARE NOT SUBJECT TO RECALL.
Accepted and Agreed lo:
Northern Trust Bank of California N.A.
By.
Barbara C. Kenady
Vice President
Accepted and Agreed to:
Daniel M. Guggenheim ��%%
Daniel M. Guggenhei
Owner
Accepted and Agreed to:
City efth
By:
Please return one executed copy to Northern Trust Bank
620 Newport Center Drive, Suite 200, Newport Beach, California 92660 (949) 717 -5541 FAX (949) 640 -2382
7he Q . 0
Nwhem Truxl Bank or Caliromta N.A. k a wholly owned aob4diary of Northem Tmd Corrnrau0n. Ch&agw Me der IC: Fqu�afAnj&�gWoc
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